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You contribute $6,500 to your traditional IRA and $6,500 to your spouse's traditional IRA (a Kay Bailey Hutchison Spousal IRA). Your combined modified AGI which includes $2,000 interest and dividend income and a large capital gain from the sale of stock is $220,500.
Mar 6, 2024 · The spousal IRA is sometimes known as the Kay Bailey Hutchison Spousal IRA, after the former U.S. senator who championed its creation. The spousal IRA can be a powerful tool for married couples...
Aug 9, 2013 · Kay Bailey Hutchison was one of the sponsors of the bill that increased the spousal IRA contribution limit to equal what a working spouse can contribute to an IRA. For 2013, that amount is $5,500, but if you are 50 or older by the end of this year, you can add an additional $1,000 for a total contribution of $6,500.
May 10, 2024 · Kay Bailey Hutchison (born July 22, 1943, Galveston, Texas, U.S.) is an American businesswoman and politician who was the first woman elected to the U.S. Senate from Texas, serving from 1993 to 2013. Bailey was born in Galveston, Texas, to Allan Bailey and Ella Kathryn Sharp Bailey.
In 2013, during the 113th United States Congress, the House of Representatives passed a bill to rename IRC section 219(c) as the Kay Bailey Hutchison Spousal IRA. Getting married women working from home the ability to contribute to IRAs was one of her accomplishments in Congress that she was the most proud of.
The bill, sponsored by Rep. Sam Johnson (R-TX), would rename section 219(c) of the Internal Revenue Code of 1986 as the Kay Bailey Hutchison Spousal IRA, in honor of the former Republican Senator from Texas.
Congressman Brady speaks on the floor about renaming part of the tax code for former Texas Senator, Kay Bailey Hutchison, in honor of her work to pass the Sp...
Jun 21, 2023 · The spousal IRA is sometimes known as the Kay Bailey Hutchison Spousal IRA, after the former U.S. senator who championed its creation. The spousal IRA can be a powerful tool for married...
Jan 23, 2015 · The Kay Bailey Hutchison Spousal IRA — formerly titled “Special Rules for Certain Married Individuals” — allows married individuals filing a joint return to claim the maximum deduction for each spouse’s qualified contribution to an IRA.
Before the law, a non-working spouse could not contribute to an IRA. The 1996 update to the rules was spearheaded by Kay Bailey Hutchison because she realized the need for change through personal experience. In July 2013, the law was renamed the Kay Bailey Hutchison Spousal IRA in her honor.
