Sentences with phrase «nonworking spouses»

Another suggested alteration is to cap the benefits available to nonworking spouses.

The IRS allows nonworking spouses to set up a spousal IRA, which has the same annual contribution limit as a Traditional IRA.

Income replacement for nonworking spouses is an important and often overlooked insurance need.

In addition, full deductibility of a contribution is available for working or nonworking spouses who are not covered by an employer - sponsored plan whose MAGI is less than $ 186,000 for 2017; partial deductibility for MAGI up to $ 196,000.

The statutory health insurance is a family insurance which covers nonworking spouses (up to a salary of 620 DM per month) and children without additional contributions.

The IRS allows nonworking spouses to set up a spousal IRA, which has the same annual contribution limit as a Traditional IRA.

In addition, full deductibility of a contribution is available for working or nonworking spouses who are not covered by an employer - sponsored plan and whose MAGI is less than $ 186,000 for 2017, with partial deductibility for MAGI up to $ 196,000.

A nonworking spouse may still be able to contribute to an IRA as long as that person is filing a joint tax return with a working spouse.

The IRA is good for nearly everyone with an earned income, or a nonworking spouse.

The one exception is the spousal IRA, which allows a nonworking spouse to contribute to an IRA based on the taxable income of the working spouse.

The caveat to that caveat: If you're a nonworking spouse, you can have what's called a spousal IRA as long as your spouse earns enough to cover the contribution.

Even though a student from India may be able to take an exemption for a nonworking spouse, this is not considered a joint return.

An Indian student may take a standard deduction equal to the amount allowable on Form 1040 and may be able to claim the personal exemptions for a nonworking spouse and U.S. - born children.

A nonworking spouse may still be able to contribute to an IRA as long as that person is filing a joint tax return with a working spouse.

But the nonworking spouse is usually only «non-working» in regard to work outside the household.

However, a spousal IRA can be created to let a working spouse contribute to a nonworking spouse's retirement savings.

However, if the contributor is older than 70 1/2, he or she may contribute to a nonworking spouse's IRA if the spouse has not reached 70 1/2.

But a working spouse can contribute up to $ 5,500 of his or her earned income to an IRA for a nonworking spouse in 2017.

The law also raised the contribution limit from $ 1,500 to $ 2,000 plus $ 250 for a nonworking spouse.

That $ 250 contribution allowance for a nonworking spouse marked the birth of the Spousal IRA.

A nonworking spouse needs insurance, too, added Mr. Freeman: «If Mom's home with the kids, her policy has to do more than hire a nanny and a housekeeper.

Sometimes, a working spouse's health insurance covers a nonworking spouse who can not qualify for or afford health insurance on her own.

Sometimes, the nonworking spouse needs to put in 10 years of marriage to qualify for Social Security benefits based on the other spouse's earnings.

Not exact matches

Even nonworking parents should consider life insurance because if they died, their spouse would have to hire someone to handle all the chores at home.