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IRA Strategies
Explore these strategies for your IRA
Your nonworking spouse can still save for retirement and reap tax savings. Make an IRA contribution on behalf of a nonworking spouse or a spouse who has little or no income.
Traditional and Roth IRAs typically require participants to earn income in order to make eligible contributions. Employed individuals with spouses who are unemployed, however, are permitted to make contributions on their spouse's behalf, provided they meet certain requirements.
To make a spousal IRA contribution, you must meet the following requirements:
- You must be married
- You must file a joint income-tax return
- You must have compensation or earned income of at least the amount you contribute to your IRAs
In addition, you must meet the requirements for a Traditional IRA or Roth IRA, including age and income requirements.
Get the help you want and deserve
Let a Chartered Retirement Planning Counselor SM help you get started. Call 800-213-4583 to schedule a phone consultation.
Our counselors can:
- Help you with the rollover process from start to finish
- Contact your 401(k) administrator for you
- Help you handle the paperwork
- Discuss your retirement goals and objectives
- Cover the benefits of a rollover
Or visit a TD AMERITRADE branch
to speak with an Investment Consultant who can help you assess your financial goals.
The contribution limits for a non working spouse's IRA are the same as those for Traditional and Roth IRAs.
The income limits to deduct the contribution for a nonworking spouse's IRA are different if a Traditional IRA is established. These income limits are $166,000-$176,000 (jointly computed).
The income limits are the same for a spousal Roth IRA whether or not the spouse is employed.
Establishing an IRA for a nonworking spouse is as easy as establishing a regular IRA. The IRA, however, must be in the nonworking spouse's name and tax ID number.
Help your children or grandchildren benefit from decades of compounding with a Minor IRA. The sooner you start to save, the longer your investment has potential to grow. What better time to start saving than in childhood?
Traditional and Roth IRAs require Minor IRA participants to earn income in order to make contributions. Earned income cannot include gifts or inheritances. The work can be for other people, such as neighbors or for your own business.
Children, parents and grandparents can contribute to a Minor IRA. Contribution limits are capped at the child's or grandchild's earned income for a particular year or at the IRA contribution limit for that year, whichever is less.
Establishing a Minor IRA is as easy as establishing a regular IRA. The IRA must be in the minor's name as well as the custodian's name, and it must use the minor's tax ID number.
A stretch IRA is not a distinct type of IRA, as its name suggests. It is a technique for stretching the time during which IRA assets can grow tax-deferred.
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