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Financial Answer Center

IRAs (Individual Retirement Accounts)

Spousal IRAs

If your spouse is not working, you can establish a spousal IRA. You and your spouse can make IRA contributions of up to $6,000 and $7,000 if age 50 by December 31, 2020 each in 2020, providing your tax filing status is married/filing jointly and your combined earnings are at least equal to the contributed amount.

As a result, a couple can contribute a total of $13,000 in 2020, ($13,000 in 2019) if at least one of you is age 50 by December 31, 2020, and $14,000 if both of you are eligible for the catch-up provision.

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Securities and insurance products are offered through Osaic Institutions, INC., Member FINRA/SIPC. Osaic Institutions, INC. and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor. NOT Bank Deposits NOT FDIC-Insured HAVE NO Bank Guarantee NOT Insured by any Federal Government Agency May Go Down in Value