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    rajivs's Avatar
    rajivs Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 25, 2009, 12:24 PM
    Can non-working spouse on H4 contribute to joint Traditional IRA
    Hi

    I am working in Charlotte, NC on H1B visa for the past 2 yrs. My wife is here on H4 visa and we have an ITIN for her. I am planning to open a Traditional IRA account and I came to know that the maximum contribution limit is of 5000$ for the tax year -2008.

    My questions are -
    1) If I open IRA jointly with my wife, will the contribution limit increase to 10,000$?

    2) Can my wife contribute to the joint IRA, even though she is on H4 visa and not working? This way our contribution together will be 10,000$ and we will be entitled to a higher tax return.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 23, 2009, 12:02 PM
    There is no such thing as a JOINT IRA.

    What you will open is a separate spousal IRA for your wife in HER name for up to $5,000.
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