If your Spouse currently has an IRA with us, you may use the Contribution Form (PDF) to remit your Spousal IRA Contribution.
The same features and benefits of Traditional and/or Roth IRAs apply to Spousal IRAs.
A Spousal IRA is not a special type of IRA, simply a way in which to refer to the contributions being made by one spouse on behalf of a non-working spouse or, a one with little taxable income.
In order to qualify to make a Spousal IRA contribution, you must meet the following criteria:
You must be married on the last day of the tax year, filing a joint tax return. In addition, the contributing spouse must have a higher taxable income than the spouse for whom a contribution is being made. Spousal Contributions must be made into the IRA account of the spouse, you may not make a spousal contribution into your own IRA.
For Traditional IRA Spousal Contributions:
As long as the spouse receiving the Spousal IRA contribution is not eligible to participate in an employer-sponsored plan, that spouse may use the higher deductibility limits, regardless of whether the working spouse participates in an employer-sponsored plan (see Traditional IRAs).
For Roth IRA Spousal Contributions:
The same phase out limits for Roth IRAs apply to ROTH Spousal Contributions.