Investment Company and Variable Contracts Products Representative (Series 6)Practice Exam

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What is the maximum contribution allowed to a Spousal IRA for a non-working spouse?

$3,000
$4,500
$5,500
$6,000

The correct answer is: $6,000

The maximum contribution allowed to a Spousal IRA for a non-working spouse is $6,000, which is based on the current IRS guidelines for individual retirement accounts (IRAs). The Spousal IRA allows a working spouse to contribute to an IRA on behalf of a non-working spouse, effectively enabling both individuals to save for retirement. This contribution limit applies to IRAs in general, allowing those who are under the age of 50 to contribute up to $6,000 annually. If either spouse is aged 50 or older, they can make an additional catch-up contribution, raising the total limit to $7,000 for that year. The Spousal IRA is particularly beneficial for couples where one spouse may not have earned income due to caregiving or other circumstances, ensuring that both partners can still build retirement savings. This not only helps in preparing for retirement but also provides significant tax advantages.