Spousal IRAs allow married couples who file taxes jointly to contribute to a nonworking spouse’s retirement. This allows a spouse with little or no earned income to qualify for an IRA in his or her own name. The working spouse would need to have sufficient earned income to fund both IRAs. Contributions for a spousal IRA can be made to either a traditional or a Roth IRA.
Any tax or legal information on this website is merely a summary of our understanding and interpretations of some of the current income tax regulations and is not exhaustive. Investors should consult their tax advisor or legal counsel for advice and information concerning their particular situation. Wells Fargo Funds Management, LLC; Wells Fargo Funds Distributor, LLC; or any of their representatives may not give legal or tax advice.