Can my wife contribute any monies to an IRA if she is not working?
Yes! Of course there are conditions and limits, but nothing too horrible.
## 1. A nonworking spouse can open and contribute to an IRA
A non-wage-earning spouse can save for retirement too. Provided the other spouse is working and the couple files a joint federal income tax return, the nonworking spouse can open and contribute to their own traditional or Roth IRA. A nonworking spouse can contribute as much to a spousal IRA as the wage earner in the family.
In 2023, the annual contribution limit for IRAs, including Roth and traditional IRAs, is $6,500. If you’re age 50 or older, you can contribute an additional $1,000 annually, though starting in 2024, the amount of this additional contribution will be adjusted yearly for inflation.
The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return.