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re: Why don't more wives demand their own retirment account?
Posted on 7/21/17 at 3:30 pm to baldona
Posted on 7/21/17 at 3:30 pm to baldona
If set-up properly, as a business owner you have a lot more flexibility on how much you can put aside for tax deferment purposes. W-2 earners (and many specialty 1099 earners) cannot set-up retirement accounts for their wives, and they do not receive the benefit of setting up an IRA for the wife if she does not earn income.
You may be overlooking the part of the tax code that says the $5,500 limit is also contingent on that individual earning more than the $5,500. If they do not earn the income, they cannot receive the tax deferment benefit.
I am not a tax accountant/lawyer, but I do know if you are a business owner, there are ways around that rule. I just do not know what they are (I'm sure it has to do with implying that she earns a portion of the income from the business or listing her as an owner).
You may be overlooking the part of the tax code that says the $5,500 limit is also contingent on that individual earning more than the $5,500. If they do not earn the income, they cannot receive the tax deferment benefit.
I am not a tax accountant/lawyer, but I do know if you are a business owner, there are ways around that rule. I just do not know what they are (I'm sure it has to do with implying that she earns a portion of the income from the business or listing her as an owner).
2
Posted on 7/21/17 at 4:26 pm to Weekend Warrior79
quote:
they do not receive the benefit of setting up an IRA for the wife if she does not earn income.
Anyone can contribute to a Roth I believe? I guess Roth is not for high income earners though. What about a trad? Ok but if not for an IRA, at least have some clue about taxed investment accounts.
Yes just because a wife is "stay at home mom" doesn't mean she is not involved in the family finances. For example, many pay the bills. But furthermore, if you are solely dependent on the husband you would certainly think they would be involved in the savings, life insurance, and retirement discussions because if he died or was otherwise unable to work they should be involved in planning for those things?
I just don't understand how so many women married to wealthy men until the divorce, "have no idea where the money is or how much they have". The only reason you can have no clue is by being both ignorant and your husband trying to hide it.
Posted on 7/21/17 at 4:48 pm to Weekend Warrior79
Solo 401k can include wife as a participant fwiw.
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