Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-09-2014, 08:49 PM
Junior Member
 
Join Date: Apr 2014
Posts: 1
Need help - Spousal IRA Problem

I had opened a spousal traditional IRA long time back when my wife was not working. Couple of years later, she started working but her work did not have a 410(K) plan so I continued to contribute to that IRA. Last year (2013), her company started a 401(K) but my wife is not participating in that plan. However, I made a contribution to the IRA for 2013 as well.

My tax adviser says that I cannot make any more contributions and that I should get back the 2013 contribution from the IRA company. (I did not claim any tax deductions for the 2013 contributions).

My questions:
1. Was contributing to spousal IRA valid after my wife started working?
2. How can I get back the 2013 contribution? What will happen if I do not?
3. Now that I cannot contribute anymore, what should I do with this account?

I will appreciate any help.

Thanks!!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
filing problem buckeeye14 Filing Requirements 0 07-20-2013 01:59 AM
Depedent Possible Problem Annie1958 Itemized Deductions 1 02-12-2010 11:13 AM
Withholding problem on W-2 bryanw Income 1 02-11-2010 02:36 PM
IRA Contribution problem skschlag IRA/Sep 1 04-21-2009 07:06 PM
E-file problem Fredoki Miscellaneous 0 03-05-2009 01:31 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.