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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14003
Experience:  15years with H & R Block. Divisional leader, Instructor
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Hi, im 72 yrs and my spouse is 50 yrs old. Last year I took

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Hi, i'm 72 yrs and my spouse is 50 yrs old. Last year I took my first MRD from my IRA.
I'm still working and making about $ 30K this year, my wife has no income .
Q1.Can I still contribute to a 401K from my employer? if so how much?
Q2. Can we contribute $ 5K to my wife's IRA this year?
Thanks so much.
Piet

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.


The elective deferral (contribution) limit for employees who participate in 401(k) is $17,500. So that is your limit.
There is no limit for contributions as long as you are working so your age is not a factor.

Robin D. :

You can continue to make contributions, as long as the plan allows.

Robin D. :

As far as contributing to a spousal IRA that depends on your wife's age. If she is 70 1/2 no contributions would be allowed for her.

Robin D. :

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

Robin D. :

If her IRA ia a ROTH then yes but not if it is a Traditional and she is 70 1/2 or over.

Robin D. :

As she is 50 then contributions would be allowed.

Robin D. :

As long as your income is $95,000 or less you should receive a full deduction for the IRA contribution made for your wife, even if you are covered by retirement at work.

Robin D. :

To summarize : Yes to all of your questions.

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Robin D. :

Did you need to ask any more questions on this subject?

Robin D. :

I can switch to Regular Q&A if you are not able to respond here but then we will not be able to CHAT in real time.

Robin D. and 3 other Tax Specialists are ready to help you
Hi,
Here is a copy of my complete answer to you just in case you really could not view in CHAT:

Robin D. : Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
The elective deferral (contribution) limit for employees who participate in 401(k) is $17,500. So that is your limit.
There is no limit for contributions as long as you are working so your age is not a factor.
Robin D. : You can continue to make contributions, as long as the plan allows.
Robin D. : As far as contributing to a spousal IRA that depends on your wife's age. If she is 70 1/2 no contributions would be allowed for her.
Robin D. : You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
Robin D. : If her IRA ia a ROTH then yes but not if it is a Traditional and she is 70 1/2 or over.
Robin D. : As she is 50 then contributions would be allowed.
Robin D. : As long as your income is $95,000 or less you should receive a full deduction for the IRA contribution made for your wife, even if you are covered by retirement at work.
Robin D. : To summarize : Yes to all of your questions.
Robin D. : My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.
Robin D. : Did you need to ask any more questions on this subject?
Robin D. : I can switch to Regular Q&A if you are not able to respond here but then we will not be able to CHAT in real time.
Robin D. : CustomerIN CHAT is what I am seeing so I am going to change to Q&A so perhaps you will be better able to respond.