Spousal IRAs and Precious Metals
A spousal IRA is not a separate account type. It is a regular traditional or Roth IRA owned by a spouse with little or no earned income, funded using the other spouse's compensation on a joint tax return. If it is opened as a self-directed IRA, it can hold IRS-approved gold, silver, platinum or palladium like any other metals IRA.
The Spousal Contribution Rule in Plain Terms
Normally you can only contribute to an IRA if you have taxable compensation, such as wages or self-employment income. The IRS makes an exception for married couples who file a joint return. Under this rule, explained in IRS Publication 590-A, the spouse with lower or no compensation can contribute to their own IRA based on the couple's combined taxable compensation.
A few points follow from that:
- The account belongs to the receiving spouse. There is no such thing as a joint IRA. The spouse whose name is on the account owns it, controls its holdings and names its beneficiaries.
- Each spouse has their own limit. Both spouses can contribute up to the annual limit, as long as the combined contributions do not exceed the couple's combined taxable compensation.
- Filing status matters. The rule generally requires filing jointly. Married filing separately usually does not qualify.
- Traditional or Roth. The spousal IRA can be either. Roth eligibility depends on the couple's modified adjusted gross income, and traditional deductibility can depend on whether the working spouse is covered by a workplace plan.
The dollar limits and income phase-out ranges are adjusted over time. Rather than rely on a figure that may be out of date, check the IRS page on IRA contribution limits for the current year.
Adding Gold or Silver to a Spousal Account
Because a spousal IRA is a standard IRA, everything about holding metals works the same way. The account must be held by a custodian that allows physical metals, usually a self-directed IRA custodian. The metals must meet the fineness rules in Internal Revenue Code section 408(m) and be stored with an approved trustee or depository. You can read the specifics in our guide to IRA-eligible gold coins.
One important detail: IRA contributions must be made in cash. You cannot contribute coins you already own. The spouse makes a cash contribution to the self-directed IRA, then directs the custodian to buy approved metal with it.
Why Some Couples Put Metals in the Lower-Earning Spouse's Account
Couples sometimes look at their combined savings as one picture. If one spouse's workplace plan offers only stocks and bond funds, the spousal IRA can be a place to hold a different kind of asset. Some people hold gold as a potential hedge against inflation, and the World Gold Council's Goldhub publishes data on how gold has behaved in different economic periods. That history does not predict future results, but it explains why some households choose metals as one way to diversify.
That said, the spousal IRA owner should be comfortable with the choice. Metals pay no interest or dividends, prices can swing, and storage and custodian fees reduce returns. Our page on metals IRA pros and cons covers both sides.
Funding a Spousal Metals Account: Common Paths
New annual contributions
The simplest route is opening a self-directed IRA in the non-working spouse's name and making yearly cash contributions. Small balances can be eaten up by flat annual fees, so some couples let contributions build up before buying metal. Our guide to contributing to a metals IRA covers deadlines and how contributions are reported.
Moving existing savings into metals
If the lower-earning spouse already has an IRA from earlier employment, it can be moved to a self-directed custodian by trustee-to-trustee transfer. Money from an old 401(k) in that spouse's name can also be rolled over.
Metals cannot move between spouses' accounts
Each spouse's IRA is separate. You generally cannot transfer IRA assets from one spouse's account into the other's while both are living, except under a divorce decree or after death, when a surviving spouse has special options. See beneficiaries and inheriting a metals IRA.
Working With Goldco
Goldco is a precious metals company that offers gold and silver for precious-metals IRAs funded by transfer or rollover, along with direct purchases of physical metals. Couples who want metals in both spouses' accounts would generally open two separate IRAs. Goldco's precious metals specialists can explain account setup but are not licensed to give financial, legal or tax advice. For an overview, see our Goldco review.
Frequently Asked Questions
Can a stay-at-home spouse own gold in a retirement account?
Yes. With a joint return and enough combined compensation, the spouse can fund their own IRA and, if it is self-directed, hold approved metals in it.
Can we open one gold account for both of us?
No. IRAs are individual. Each spouse needs their own account, and each account has its own custodian fees.
Who names the beneficiary of the spousal account?
The account owner, which is the spouse whose name is on it. Many couples name each other, but that is a personal choice to make with an estate professional.
Can I give my spouse coins I already own for their account?
No. Regular contributions must be made in cash. Coins you own personally cannot be contributed, and selling your own coins to the IRA would be a prohibited transaction.