{"id":5008,"date":"2023-12-12T08:19:32","date_gmt":"2023-12-12T13:19:32","guid":{"rendered":"https:\/\/scarletoakfs.com\/?p=5008"},"modified":"2023-12-11T15:49:14","modified_gmt":"2023-12-11T20:49:14","slug":"understanding-spousal-iras","status":"publish","type":"post","link":"https:\/\/scarletoakfs.com\/understanding-spousal-iras\/","title":{"rendered":"Understanding Spousal IRAs [2024]"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]A Spousal Individual Retirement Account (Spousal IRA) is a personal account that allows a couple where one partner helps a non-working spouse or a spouse with very little income save for retirement. The higher-earning spouse can put aside money into a Traditional or Roth IRA in the non-breadwinning spouse&#8217;s name and control. <a href=\"#_edn1\" name=\"_ednref1\">[1]<\/a> ,<a href=\"#_edn2\" name=\"_ednref2\">[2]<\/a>,<a href=\"#_edn3\" name=\"_ednref3\">[3]<\/a><\/p>\n<h3><strong>Key aspects of Spousal IRAs: <\/strong><\/h3>\n<ul>\n<li><strong>Contributions are either pre-or post-tax,<\/strong> depending on whether the Spousal IRA is Roth or Traditional.1<\/li>\n<li>There are <strong>no age limits on spousal IRA contributions<\/strong>&#8211; as long as one spouse earns income.<\/li>\n<li>With all investment accounts, <strong>you expose some or all your invested money to loss for the chance to earn a higher profit.<\/strong> Investment gains hinge on an ongoing and long-term investment strategy that uses your risk tolerance and diversification to mitigate some risks. Even with these in place, you are exposing your money to loss.<a href=\"#_edn4\" name=\"_ednref4\">[4]<\/a><\/li>\n<\/ul>\n<p><a href=\"#_ednref18\" name=\"_edn18\"><\/a>[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-clock-o extra-color-1\"><\/i> <\/div><div class=\"iwt-text\"> <strong>Updated For 2024:<\/strong> Yearly <strong>contribution limits<\/strong> are $7,000 for people younger than 50 and an extra $1,000 catch-up amount for those 50 and older for 2024.<a href=\"#_edn5\" name=\"_ednref5\">[5]<\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><a href=\"#_edn5\" name=\"_ednref5\"><\/a><strong>Investment options<\/strong> are almost anything- individual stocks, mutual funds, ETFs, annuities, UITs, etc. There are investment vehicles that are not allowed in IRAs, including Life Insurance, types of Derivatives Positions, antiques\/collectibles, personal real estate, and most coins.<a href=\"#_edn6\" name=\"_ednref6\">[6]<\/a><\/li>\n<li><strong>Fees<\/strong> vary from institution to institution. It is crucial to understand how much you are paying in fees.<\/li>\n<li><strong>Investment control<\/strong> is either by your chosen institution or advisor or can be self-directed. With this type of account, you must know your risk tolerance and diversification strategy. These are especially important if you are self-directed and need to make changes to your investments as you make changes to your life and risk tolerance.<a href=\"#_edn7\" name=\"_ednref7\">[7]<\/a><\/li>\n<li>The earliest you can take <strong>penalty-free withdrawals<\/strong> is 59 \u00bd. However, there are some exemptions to the early withdrawal penalty- if you are permanently and totally disabled, if you have medical expenses that exceed 10% of your modified adjusted gross income, the cost for your medical insurance while you&#8217;re unemployed, your qualified higher education expenses, the amount to buy, build or rebuild a first home (up to $10,000), your withdrawal is in the form of an annuity, your withdrawal is a qualified reservist distribution, you&#8217;re the beneficiary of a deceased IRA owner or the withdrawal is the result of an IRS levy.<a href=\"#_edn8\" name=\"_ednref8\">[8]<\/a><\/li>\n<\/ul>\n<p><a href=\"#_ednref18\" name=\"_edn18\"><\/a>[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-road extra-color-2\"><\/i> <\/div><div class=\"iwt-text\"> <strong>Secure Act 2.0 Change: Spousal Traditional IRAs have Required Minimum Distributions (RDMs)<\/strong> need to start at 70 1\/2 if you were born before 7\/1\/49; 72 if you were born on or after 7\/1\/49 or in 1950; 73 if born between 1951 and 1958; 75 if born in 1960 or later. If you were born in 1959, federal guidance is needed to determine if your Required Beginning Date is age 73 or 75. RMDs are required even if you are still working.<a href=\"#_edn9\" name=\"_ednref9\">[9]<\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><a href=\"#_edn9\" name=\"_ednref9\"><\/a><strong>Only earned income<\/strong> can be contributed to a Spousal Roth IRA. You cannot contribute from alimony (nontaxable), child support, Social Security retirement benefits, or unemployment benefits.1<\/li>\n<li><strong>Rollovers<\/strong> into account can come from other pre-tax or post-tax accounts if the designations match. <a href=\"#_edn10\" name=\"_ednref10\">[10]<\/a><\/li>\n<li>You can <strong>convert funds<\/strong> from a Spousal Traditional IRA to a Spousal Roth IRA. You will owe taxes on the converted money, but the funds will not be taxed at distribution.<a href=\"#_edn11\" name=\"_ednref11\">[11]<\/a><\/li>\n<li><strong>If each spouse has both a Traditional IRA and a Roth IRA<\/strong>, your contribution limits between the two are $7,000 per year for those under age 50 and $8,000 for people 50 and older per spouse. The couple&#8217;s combined contribution limit would be $14,000 for those under 50 and $16,000 for those 50 and older for all four accounts. 1,<a href=\"#_edn12\" name=\"_ednref12\">[12]<\/a>,<a href=\"#_edn13\" name=\"_ednref13\">[13]<\/a><\/li>\n<\/ul>\n<p><a href=\"#_ednref18\" name=\"_edn18\"><\/a>[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-bullhorn accent-color\"><\/i> <\/div><div class=\"iwt-text\"> <strong>Unique to Spousal IRAs: To open a spousal IRA, you must file your taxes as married filing jointly<\/strong>.<a href=\"#_edn14\" name=\"_ednref14\">[14]<\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]<a href=\"#_edn14\" name=\"_ednref14\"><\/a><\/p>\n<h5><strong>Traditional Spousal IRA Deduction Income Limits for 2024<a href=\"#_edn15\" name=\"_ednref15\">[15]<\/a><\/strong><\/h5>\n<table width=\"692\">\n<thead>\n<tr>\n<td width=\"302\"><strong>Filing Status<\/strong><\/td>\n<td width=\"384\"><strong>Modified Adjusted Gross Income (MAGI) Limits<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td width=\"302\">Married Filing Jointly<\/td>\n<td width=\"384\">Full Deduction: Up to $123,000 MAGI<\/p>\n<p>Partial Deduction: $123,000 -$143,000 MAGI<\/p>\n<p>No Deduction: Over $143,000 MAGI<\/td>\n<\/tr>\n<tr>\n<td width=\"302\">Married Filing Jointly where only one spouse has an employer sponsored retirement plan<\/td>\n<td width=\"384\">Full Deduction: Up to $230,000 MAGI<\/p>\n<p>Partial Deduction: $230,000 -$240,000 MAGI<\/p>\n<p>No Deduction: Over $240,000 MAGI<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<ul>\n<li>There are <strong>no<\/strong> <strong>income limits <\/strong>to open and contribute to a Spousal Traditional IRA. 7<\/li>\n<\/ul>\n<h5><strong>Roth Spousal IRA Contribution Income Limits for 2024<a href=\"#_edn16\" name=\"_ednref16\">[16]<\/a><\/strong><\/h5>\n<table width=\"692\">\n<thead>\n<tr>\n<td><strong>Filing Status<\/strong><\/td>\n<td><strong>Modified Adjusted Gross Income (MAGI) Limits<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Married Filing Jointly<\/td>\n<td>Full Contribution: Up to $230,000 MAGI<\/p>\n<p>Partial Contribution: $230,000 to $240,000 MAGI<\/p>\n<p>No Contribution: Over $240,000 MAGI<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><strong>For Spousal Roth IRAs, <\/strong>there are no RMDs required.6<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>If you want to explore additional retirement investment accounts that could work for your goals, <strong>Scarlet Oak Financial Services can be reached at\u00a0<\/strong><a href=\"tel:8008711219\"><strong>800.871.1219<\/strong><\/a><strong>\u00a0or\u00a0<\/strong><a href=\"https:\/\/scarletoakfs.com\/contact-us\/\"><strong>contact us here<\/strong><\/a><strong>.\u00a0 To sign up for our weekly newsletter with the latest economic news,\u00a0<\/strong><a href=\"https:\/\/lp.constantcontactpages.com\/su\/j1VZGFi\/ScarletOak\"><strong>click here<\/strong><\/a><strong>.\u00a0<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h6>Sources:<\/h6>\n<p><a href=\"#_ednref1\" name=\"_edn1\">[1]<\/a> <a href=\"https:\/\/www.investopedia.com\/terms\/s\/spousal-ira.asp\">https:\/\/www.investopedia.com\/terms\/s\/spousal-ira.asp<\/a><\/p>\n<p><a href=\"#_ednref2\" name=\"_edn2\">[2]<\/a> <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/spousal-ira\/\">https:\/\/www.forbes.com\/advisor\/investing\/spousal-ira\/<\/a><\/p>\n<p><a href=\"#_ednref3\" name=\"_edn3\">[3]<\/a> <a href=\"https:\/\/www.nerdwallet.com\/article\/investing\/spousal-ira-what-it-is-and-why-you-should-open-one\">https:\/\/www.nerdwallet.com\/article\/investing\/spousal-ira-what-it-is-and-why-you-should-open-one<\/a><\/p>\n<p><a href=\"#_ednref4\" name=\"_edn4\">[4]<\/a> <a href=\"https:\/\/www.investor.gov\/sites\/investorgov\/files\/2019-02\/Saving-and-Investing.pdf\">https:\/\/www.investor.gov\/sites\/investorgov\/files\/2019-02\/Saving-and-Investing.pdf<\/a><\/p>\n<p><a href=\"#_ednref5\" name=\"_edn5\">[5]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000<\/a><\/p>\n<p><a href=\"#_ednref6\" name=\"_edn6\">[6]<\/a> <a href=\"https:\/\/www.investopedia.com\/articles\/retirement\/11\/impermissable-retirement-investments.asp\">https:\/\/www.investopedia.com\/articles\/retirement\/11\/impermissable-retirement-investments.asp<\/a><\/p>\n<p><a href=\"#_ednref7\" name=\"_edn7\">[7]<\/a> <a href=\"https:\/\/www.nerdwallet.com\/article\/investing\/ira\/what-is-a-traditional-ira\">https:\/\/www.nerdwallet.com\/article\/investing\/ira\/what-is-a-traditional-ira<\/a><\/p>\n<p><a href=\"#_ednref8\" name=\"_edn8\">[8]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/retirement-plans-faqs-regarding-iras-distributions-withdrawals\">https:\/\/www.irs.gov\/retirement-plans\/retirement-plans-faqs-regarding-iras-distributions-withdrawals<\/a><\/p>\n<p><a href=\"#_ednref9\" name=\"_edn9\">[9]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-required-minimum-distributions-rmds\">https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-required-minimum-distributions-rmds<\/a><\/p>\n<p><a href=\"#_ednref10\" name=\"_edn10\">[10]<\/a> <a href=\"https:\/\/www.irs.gov\/pub\/irs-tege\/rollover_chart.pdf\">https:\/\/www.irs.gov\/pub\/irs-tege\/rollover_chart.pdf<\/a><\/p>\n<p><a href=\"#_ednref11\" name=\"_edn11\">[11]<\/a> <a href=\"https:\/\/www.investopedia.com\/roth-ira-conversion-rules-4770480\">https:\/\/www.investopedia.com\/roth-ira-conversion-rules-4770480<\/a><\/p>\n<p><a href=\"#_ednref12\" name=\"_edn12\">[12]<\/a> <a href=\"https:\/\/www.investopedia.com\/ask\/answers\/03\/081503.asp\">https:\/\/www.investopedia.com\/ask\/answers\/03\/081503.asp<\/a><\/p>\n<p><a href=\"#_ednref13\" name=\"_edn13\">[13]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500#:~:text=Highlights%20of%20changes%20for%202023,to%20%246%2C500%2C%20up%20from%20%246%2C000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500#:~:text=Highlights%20of%20changes%20for%202023,to%20%246%2C500%2C%20up%20from%20%246%2C000<\/a>.<\/p>\n<p><a href=\"#_ednref14\" name=\"_edn14\">[14]<\/a> <a href=\"https:\/\/www.investopedia.com\/what-is-a-spousal-roth-ira-4770888#:~:text=Do%20I%20have%20to%20file,taxes%20as%20married%20filing%20jointly\">https:\/\/www.investopedia.com\/what-is-a-spousal-roth-ira-4770888#:~:text=Do%20I%20have%20to%20file,taxes%20as%20married%20filing%20jointly<\/a>.<\/p>\n<p><a href=\"#_ednref15\" name=\"_edn15\">[15]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000<\/a><\/p>\n<p><a href=\"#_ednref16\" name=\"_edn16\">[16]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em>This material has been prepared for informational purposes. *To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on individual circumstances.<\/em><\/p>\n<p><a href=\"#_ednref18\" name=\"_edn18\"><\/a>[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243;&#8230;<\/p>\n","protected":false},"author":2,"featured_media":9328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[860,580],"tags":[565,566],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - 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