Q. I’m getting divorced and won’t likely have any salary of my own this year. Can I still contribute to an IRA for 2013? Anonymous
A. It depends. Assuming you’ll be filing a 2013 tax return as an unmarried individual, you can no longer benefit from a “spousal IRA” where only one spouse works.
Without any earned income of your own, you can’t contribute to an IRA for the 2013 tax year. However, if you’re entitled to alimony as part of the divorce decree, alimony received in 2013 counts as “earned income” for this purpose.
Tip: The maximum IRA contribution allowed for 2013 is $5,500 (up from $5,000 in 2013). You can add an extra $1,000 if you’ll be age 50 or older at year-end.