1.26 Ark. Code R. 51-414

Current through Register Vol. 49, No. 10, October, 2024

Rule 1.26-51-414 - Deferred Compensation Plans - IRAs

A nonworking spouse can open up his or her own IRA and contribute up to $2,000.00 per year to the IRA. Under prior law, a nonworking spouse did not have the option of owning his or her own "spousal" IRA. To determine the deductibility of the contributions made to a married couple's IRAs, refer to IRC Sec. 219(c). The requirement of filing a joint return under IRC Sec. 219(c)(2)(A) in order to deduct contributions shall not apply.