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Can your soupse have an IRA and you have an IRA and write off for taxes?
Wiki User
∙ 14y ago
Yes this is possible if both meet all of the necessary rules and qualifications.
Go to the IRS gov web site and use the search box for Publication 590 go to chapter 1
Who Can Set Up a Traditional IRA?
If both you and your spouse have compensation and are under age 70½, each of you can set up an IRA. You cannot both participate in the same IRA. If you file a joint return, only one of you needs to have compensation.
What Is Compensation?
Generally, compensation is what you earn from working. For a summary of what compensation does and does not include, see Table 1-1. Compensation includes all of the items discussed next (even if you have more than one type).
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Wiki User
∙ 14y ago
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