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.
Investment and certain insurance products offered through INFINEX INVESTMENTS, INC. Member of FINRA/SIPC. Rhinebeck Asset Management is a division of Rhinebeck Bank. Infinex and Rhinebeck Bank are not affiliated.
NOT A DEPOSIT | NOT FDIC INSURED | NOT GUARANTEED BY THE BANK |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY GO DOWN IN VALUE |
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