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 $5,500 and $6,500 if age 50 by December 31, 2015 each in 2015, 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 $12,000 in 2015, (same in 2014) if at least one of you is age 50 by December 31, 2015, and $13,000 if both of you are eligible for the catch-up provision.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. General Electric Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.