March 2025
Yankees pitcher Luis Gil out at least 3 months with lat strain
Gil will be shut down for six weeks and the team hopes he can return in June.
Yankees pitcher Luis Gil out at least 3 months with lat strain
Gil will be shut down for six weeks and the team hopes he can return in June.
Steph meets superfan Grandma Kitty in adorable pregame moment
Steph Curry shared an adorable pregame moment with Warriors superfan Grandma Kitty before Thursday’s game against the Brooklyn Nets at Barclays Center.
How LeBron James can make a case for MVP | The Big Number
LeBron James might just find himself in the MVP conversation this season after all.
How LeBron James can make a case for MVP | The Big Number
LeBron James might just find himself in the MVP conversation this season after all.
How Married Couples Can Double Their Retirement Tax Breaks in 2025
With tax season in full swing, it’s prime time for married couples to maximize all the tax breaks available to them. One strategy that you don’t want to leave on the table: making spousal IRA contributions.
If one spouse isn’t employed, they might be missing out on putting retirement assets in their name—not to mention reducing the tax-deferred growth possibilities as a couple.
Spousal IRA contributions can double your retirement tax breaks
The IRA contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. To clarify: You can make 2024 IRA contributions until the tax deadline on April 15, 2025. Generally, you can only contribute up to these limits for your own IRA, meaning you must have an income that will allow you to do so. And as always, you can and should max out these limits, if possible. However, with a spousal IRA, your spouse can also contribute up to the limit in an IRA under your name.
That effectively doubles the amount your household can sock away in IRAs (pre-tax or Roth) each year. The only requirement is that the spouse who owns the IRA must have enough earned income to cover both contributions.
For example, let’s say Alex earns $100,000 per year and her husband Kevin is a stay-at-home dad with no income. Alex can contribute $7,000 to her own IRA. She can also contribute $7,000 to an IRA that is under Kevin’s name. That’s $14,000 total that the household can now save in IRAs, rather than just Alex’s $7,000 limit.
How spousal IRAs work
A spousal IRA isn’t actually a separate type of IRA account—rather, it’s just a traditional IRA or Roth IRA set up in the name of a spouse who has little to no income. This may include those who are caregivers for children or other family members, workers who have returned to school, or people who have left the workforce for another reason.
To be eligible for a spousal IRA, you have to meet a few requirements:
-
You must file taxes as “married filing jointly.”
-
The earning/contributing spouse must make enough to cover the contributions to both their own IRA and the spousal account.
-
There are income-based contribution limits for Roth IRAs and tax deduction limits for traditional IRAs based on your tax filing status. These may affect which type of account you select.
One key to a spousal IRA is that ownership stays with the person named on the account, no matter which spouse is contributing the funds. This also means that an existing IRA—funded while the owner of the account was in the workforce—can function as a spousal IRA if that person is no longer earning income and their partner simply contributes to the account on their behalf.
The bottom line
Eligible couples can use a spousal IRA to double their contributions to traditional individual retirement accounts (IRAs) even if only one partner has an income, and deduct a total of $14,000 (rather than $7,000 for the individual income earner) for 2024, as long as they do so by April 15. So there is still time for married couples to make spousal IRA contributions and double their tax-advantaged retirement savings—just be sure to specify which spouse the contribution is for when sending funds to your IRA provider.
With a little planning, a spousal IRA strategy can significantly boost your households’ retirement funds. And you can get an immediate tax deduction on your taxes if you make the contributions prior to tax day—so don’t leave this tax break on the table.
Rockets vs. Pelicans Prediction: Odds, predictions, recent stats, trends, best bets for March 6
Houston Rockets vs. New Orleans Pelicans Preview
GP2 issues warning to NBA about ‘scary’ Warriors emergence
Gary Payton II issued a not-so-friendly PSA to the rest of the NBA about the Golden State Warriors’ “scary” emergence.