You may have joined the Great Resignation, maybe temporarily or maybe for good.
Or your non-working status might have nothing to do with the Great Resignation. For instance, you could be a stay-at-home parent.
In any case, as a spouse with no tax-defined earned income, you might want to continue saving for retirement in a tax-favored fashion by making contributions to a traditional or Roth IRA.
An IRA set up to receive contributions by a non-working spouse is known as a spousal IRA.
The working spouse can make IRA contributions to it too.
Here’s what you need to know about IRA contributions for married couples that include a non-working spouse.
Non-Working Spouse: Traditional Spousal IRA Contributions
For the 2022 tax year, you (the non-working spouse) can make a deductible contribution of up to $6,000, or up to $7,000 if you’ll be age 50 or older as of December 31, 2022, to a traditional spousal IRA set up in your name.
To make a traditional spousal IRA contribution, you must file ... Log in to view full article.
