The rules surrounding your ability to contribute to an IRA generally require you to have earned income in order to contribute at all.
This prevents people trying to exploit loopholes such as parents opening and funding an IRA for a child well before the child earns any income.
However, there is one exception available for married couples that can allow for both individuals to contribute to an IRA even when both do not earn an income.
This exception allows stay at home parents and other non-working spouses the ability to still contribute to an IRA despite not earning an income.
Spousal IRA Contributions
[Read more…] about What is a Spousal IRA and How Does It Work?
