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Step 1
Learn about rules governing unemployed individuals and IRAs. Generally, people who don't earn compensation can't open an IRA. However, if a family meets certain conditions, husbands and wives can make IRA contributions on behalf of their unemployed spouses.
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Step 2
Follow the eligibility requirements to contribute to an IRA on behalf of your non-working spouse. According to the Internal Revenue Service (IRS), you must be married, file a joint income tax return and make at least as much or more money than you contribute to an IRA(s) on behalf of yourself and your spouse combined.
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Step 3
Fund a traditional IRA for your non-working spouse. Contributions to a traditional IRA are tax-deductible but the government withholds taxes when you withdraw the money in the future. Your spouse must be 70.5 years old or younger during the year(s) you fund a traditional IRA on his/her behalf. Traditional IRAs do not have income caps that affect your contribution ability, but you may only contribute the current tax year's contribution limit (as defined by the IRS) or 100 percent of your earned income, whichever is less.
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Step 4
Contribute to a Roth IRA for your non-working spouse. The IRS taxes money invested in a Roth IRA at the time of contribution, but withdrawals are tax-free in the future. Roth IRAs do not have age limits like traditional IRAs. Roth IRAs have frequently changing income caps that affect allowable contribution amounts. Consult the IRS's website for this year's specific allowed contributions.
