Publication 504 |
2001 Tax Year |
Individual Retirement Arrangements
The following discussions explain some of the effects of divorce or
separation on traditional individual retirement arrangements (IRAs).
Traditional IRAs are IRAs other than Roth or SIMPLE IRAs.
Spousal IRA.
If you get a final decree of divorce or separate maintenance by the
end of your tax year, you cannot deduct contributions you make to your
former spouse's traditional IRA. You can deduct only contributions to
your own traditional IRA.
IRA transferred as a result of divorce.
The transfer of all or part of your interest in a traditional IRA
to your spouse or former spouse, under a decree of divorce or separate
maintenance or a written instrument incident to the decree, is not
considered a taxable transfer. Starting from the date of the transfer,
the traditional IRA interest transferred is treated as your spouse's
or former spouse's traditional IRA.
IRA contribution and deduction limits.
All taxable alimony you receive under a decree of divorce or
separate maintenance is treated as compensation for the contribution
and deduction limits for traditional IRAs.
More information.
For more information about IRAs, including Roth IRAs, see
Publication 590.
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