Spousal IRA definition

Spousal IRA means two xontributory Traditional or Roth IRAs esxxxxished by a working individual for himself or herself and for the benefit of his or her non-employed spouse. All other capitalized words, terms and phrases not specifically defined shall have and carry the meaning given them under the Code.
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Spousal IRA means a Custodial Account established by, or for the benefit of, an individual who is a nonemployed spouse or a divorced or legally separated spouse of an individual.
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Spousal IRA means a Custodial Account established by or for the benefit of an individual who is a nonemployed spouse or a divorced or legally separated spouse of an individual.
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Examples of Spousal IRA in a sentence

  • Your employer is required to provide you with information that describes the terms of your employer’s SEP plan.B. Spousal IRA – If you are married and have compensation, you may contribute to an IRA established for the benefit of your spouse for any year prior to the year your spouse turns age 70½, regardless of whether or not your spouse has compensation.

  • Your employer is required to provide you with information that describes the terms of your employer’s SEP plan.B. Spousal IRA – If you are married and have compensation, you may contribute to an IRA established for the benefit of your spouse for any year prior to the year your spouse turns age 701⁄2, regardless of whether or not your spouse has compensation.

  • If during any taxable year you engage in a so‐called “prohibited transaction” with respect to your regular IRA, Spousal IRA, SEP‐IRA, or Rollover IRA, the account will lose its tax‐ exempt status.

  • How Much Can You Deduct?Generally, you can deduct the lesser of:• The contributions to your traditional IRA for the year, or• The general limit (or the Kay Bailey Hutchi- son Spousal IRA limit, if it applies).However, if you or your spouse were covered by an employer retirement plan, you may not be able to deduct this amount.

  • If neither you nor your spouse was covered for any part of the year by an em- ployer retirement plan, you can take a deduc- tion for total contributions to one or more tradi- tional IRAs of up to the lesser of:• $6,000 ($7,000 if you are age 50 or older in 2020), or• 100% of your compensation.This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf.Kay Bailey Hutchison Spousal IRA.

  • Nondeductible ContributionsAlthough your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit.

  • Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA).

  • Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained.

  • In her case,$5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit).Filing StatusGenerally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit, your filing status has no ef- fect on the amount of allowable contributions to your tradi- tional IRA.

  • How Much Can You Deduct?Generally, you can deduct the lesser of:• The contributions to your traditional IRA for the year, or• The general limit (or the Kay Bailey Hutchi- son Spousal IRA limit, if it applies).However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount.

Related to Spousal IRA

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Spousal Consent has the meaning set forth in Section 7.19.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and which is the amount of benefit that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.

  • Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Spouse means, an individual who,

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Spousal support order means a support order for a spouse or former spouse of the obligor.

  • Dependant child means a dependant person who is aged 0–17 years of age.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Domestic Partner means an opposite or a same-sex partner who is at least 18 years of age and has met all of the following requirements for at least 6 months:

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Contingent Annuitant is the natural person who becomes the Annuitant if the Annuitant dies prior to the Income Date.

  • Military spouse means a person who is married to a military service member.

  • Participating Marriage and Family Therapist means a Marriage and Family Therapist who has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • Non-Participating Marriage and Family Therapist means a Marriage and Family Therapist who does not have a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • Registered domestic partner means an individual joined in a domestic partnership that is registered by a county clerk in accordance with ORS 106.300 to 106.340.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • School-age child means a minor who is at least six years old but younger than 18 years old and who is not emancipated.