What is a spousal contribution?
Spousal contributions are a way to make regular contributions to IRAs. An IRA owner who has little or no income can make a regular contribution based on the other spouse's income if the following requirements are met.
- The couple must be married and file a joint federal income tax return.
- One spouse must have compensation or earned income equal to or greater than the IRA contribution.
- The non-compensated spouse must establish an IRA.
The amount of money an individual may contribute per taxable year as a spousal contribution is the same as that for regular IRA contributions ($6,000, plus catch-up contributions, if eligible).