Spousal IRA Contribution Limits for 2014

2014 Spousal IRA Contribution Limits

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Note: A more recent version of this article is available. If you are seeking spousal IRA contribution limit information for the 2016 tax year, visit the link below:

2016 Spousal IRA Contribution Limits

If you are the stay-at-home parent in your family, you can still save for retirement in a tax-friendly way. With a spousal IRA, you can contribute the maximum amount to an individual retirement account each year.

You just have to file jointly as a married couple, and your working spouse must earn enough to fund the IRA. Here's more about the maximum contribution allowances in 2014.

Contribution Limits for Spousal IRAs in 2014

Contribution amounts can change every year or two with inflation and it is important to stay up to date with these changes. In 2014, spousal IRA limits remain unchanged from the year before. You can contribute a maximum of $5,500 to a spousal IRA in 2014, or $6,500 if you are age 50 or older. The extra allowance is due to a catch-up contribution, designed to help individuals save more as they near retirement age. 

Spousal IRA Deduction Limits 2014

You can deduct your full contribution to a spousal IRA in 2014 if you as a couple have an adjusted gross income (AGI) of $181,000 or less. You can deduct some portion of your contribution if your AGI is between $181,000 and $191,000 in 2014.

If the working spouse doesn't have a retirement plan through work, that spouse can also deduct the full amount up to the contribution limit. If that spouse does have a plan at work, deductions for contributions to the spouse's IRA phase out for AGIs between $96,000 and $116,000.

You don't have to make regular contributions to a spousal IRA throughout the year.

You can make one lump contribution up until you file your taxes for that year. Meaning you have until tax day 2015 to contribute to a 2014 spousal IRA. It makes a handy last-minute deduction when you need one. But really, you should be making regular contributions every year to ensure that the nonworking spouse in your marriage has some funds to tap for income at retirement.

2014 Self-Employed IRA Limits

If you earn a small amount of income from freelance or contracting work, you could look into a self-employed IRA. In 2014, you can contribution up to $12,000 to a SIMPLE IRA, and an extra $2,500 in catch-up contributions if you are age 50 or older. Or you can contribute up to 25% of your gross income or $52,000 to an SEP IRA in 2014.

Roth IRA Limits 2014

As a working spouse, you can also put some of your income aside in a Roth IRA for the benefit of your nonworking spouse. Married couples filing jointly are eligible to contribute to a Roth IRA if you make less than $191,000. The contribution limit for a Roth is $5,500 in 2014 (your limit may be lower if your adjusted gross income is between $178,000 and $191,000). The best part: while there are no tax deductions available when you contribute to a Roth IRA, your contributions and earnings grow tax-free and are generally not taxed again when withdrawn at retirement.


So show your nonworking spouse their work is valued. Contribute to a spousal IRA and help to create a more secure and comfortable retirement for you both.

Looking for information about the 2015 Spousal IRA contribution limits?  You can access the 2015 limits here.

2015 Spousal IRA Contribution Limits

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Updated by Scott Spann