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Overlooked IRA opportunities

February 24, 2014

With tax season upon us, I thought I might take a moment to talk about an issue I’ve discussed in some recent radio shows: maximizing your IRA savings opportunities. One of the ways in which you can do that—and it’s a technique that many people are not aware of—is through spousal IRA contributions.


While you typically need income to contribute to an IRA, the spousal IRA exception works like this: if your spouse still works, he or she can contribute to an IRA on your behalf. There is an important caveat: together, you and your spouse cannot contribute more than your spouse earned in 2013. So in order to contribute the maximum ($5,500, or $6,500 for those over 50) to both accounts, your spouse must have earned at least $11,000 (or $13,000 if you are contributing the higher figure).


The same spousal contribution guidelines apply to Roth IRAs, but remember that there are a few differences between Roth IRA contributions and traditional IRA guidelines. Roth IRAs have no contribution age limit, while those over the age of 70 ½ cannot make traditional IRA contributions. And, as of 2013, your modified adjusted gross income must be less than $188,000 (when filing jointly) to qualify you to contribute to a Roth IRA. Remember that for 2013 IRA contributions, you have until April 15, 2014—so it’s not too late for you (or your spouse) to get caught up.

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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC., a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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