spousal IRA

spousal IRA definition - business

spousal IRA

An individual retirement account in the name of a nonworking spouse. A spousal IRA may be funded by the working spouse up to a maximum amount established by law. There is also a limit on total combined annual contributions to the IRAs of the working and nonworking spouses.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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