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Spousal IRA

A traditional IRA or Roth IRA set up by a married person in the name of his/her spouse who has an annual income of less than $2,000. There is a $2,000 limit on Spousal IRA Contribution, but the working spouse can contribute an additional $2,000 to an individual IRA. Couples must file jointly in that year.

Related Terms: 5 Contribution, Inc., Joint, Roth IRA, Spousal IRA
Other Related Pages: Category: Taxes Starting With: S
Additional Related Terms: 10-K, Accrual of discount, Amortization of premium, At par, All or any part, At best, At call, At risk, Annual return, Add-on service