Tip of the Week: Spousal IRA (12/28/98)

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	Spousal IRA Financial Tip of the Week by Deloitte & Touche OnLine December 28, 1998

Spouses who don't work outside the home can still have retirement accounts.

To save on your 1998 federal incomet taxes, consider a $2,000 individual retirement account (IRA) contribution on behalf of a spouse whose earnings are less than $2,000. The amount that joint filers can contribute to IRAs in one year can total as much as $4,000. Joint filers can contribute as much as $2,000 for each spouse, as long as the combined compensation of both spouses is at least equal to the contributed amount.

For more tax tips on retirement savings, see the long-term savings chapter in our new Tax Planning Guide.