Spousal IRA definition

Spousal IRA means two ▇ontributory Traditional or Roth IRAs es▇▇▇▇ished 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

  • 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.

  • If a Spousal IRA has been established for a Participant's spouse, a higher amount shall be used in lieu of $2,000.

  • In order to contribute to a Spousal IRA, you must meet the following conditions:  You must be married during the tax year the contributions are made.

  • In order to contribute to a Spousal IRA, you must meet the following conditions: • You must be married during the tax year the contributions are made.

  • Maximum Limit for Regular Individual and Spousal IRA Contributions (Including "Catch-Up Contributions"): Prior to 2002, you were allowed to make a "regular" contribution to your IRA of up to 100% of your compensation, or $2,000, whichever was less.

  • A property transfer is in- qualified retirement plan (such as most pen- Spousal IRA.

  • An individual who is a divorced or legally separated spouse for whom a Spousal IRA was established by such individual's former or separated spouse is an eligible individual.

  • The maximum contribution to the Spousal IRA is the lesser of (a) $2,000, or (b) the combined compensation of both spouses, minus the dollar amount of the IRA contribution made by the compensated (or more highly compensated) spouse.

  • However, if your spouse is not employed you may establish separate individual accounts for you and your spouse (an IRA established for your spouse is referred to as a "Spousal IRA"), and each year you may contribute to both accounts a total not to exceed the lesser of $2,250 or 100% of your compensation.

  • The same rules apply to a spouse's use of his or her Spousal IRA.