If you are married you may be wondering, how much can my spouse contribute to an IRA? Or can we both invest into an IRA? The answer is pretty simple and straightforward.
Both you and your significant other are able to contribute to your own IRA plans. But each partner can only contribute up to $5,000 for their own plan (2009 numbers). In addition to this, only people who are currently working are allowed to invest into an IRA.
Even if someone is not working their partner may deposit money into their IRA provided they pass 3 criteria.
1. They are Married
2. They file for joint taxes
3. The receiving spouse is under the age 70 ½
As long as all the criteria’s are met one partner may contribute to both accounts as long as neither account receives more than $5,000 in contributions throughout the year.
It is also a good idea to note that if you are considered a highly compensated employee the amount you can deposit into an IRA annually is lowered. If you make too much you may not even qualify for an IRA account.
