John R. Bullis

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April 9, 2013
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Now is the time to make that IRA contribution

Monday is the deadline for making a 2012 IRA contribution. Only folks with earned income (wages or self-employed profits) are eligible to make IRA contributions. The 2012 IRA contributions are limited to $5,000 or, if age 50 or older, $6,000 for each person. The special rules on spousal IRAs allow a non-working spouse who has no earned income to do an IRA if the other spouse has enough earned income. For example, if Joe has $20,000 of wages and Mary has none, Joe can do an IRA contribution and Mary can do a spousal IRA contribution as well. If Joe …

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The Nevada Appeal Updated Apr 9, 2013 10:34AM Published Apr 9, 2013 10:34AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.