Comments on: Can Gay Spouses Have Spousal IRAs?

By: Why gay marriage matters, in just one tiny personal finance detail | Penny For My Thoughts

Tue, 17 Jun 2008 01:56:17 +0000

[...] is such a basic right, and why laws surrounding personal finance affects all people. Thanks to Mrs. Micah for pointing this out. Share and Enjoy: These icons link to social bookmarking sites where [...]

By: Hedy

Hedy — Wed, 11 Jun 2008 21:54:52 +0000

Fascinating.

By: July Bucks

July Bucks — Wed, 28 May 2008 14:01:08 +0000

I totally agree that this is mean. Moreover church has nothing to do with joint tenantship. Luckily, there is the Roth IRA, though it’s obviously far from beneficial.

By: mrsmicah

mrsmicah — Thu, 22 May 2008 12:13:18 +0000

@Funny, I think the limit is that you can’t put more in than you’ve earned. But it doesn’t have to be the same money…it’s just that if the partner earns $3000, they can’t put in $5000.

By: Funny about Money

Funny about Money — Thu, 22 May 2008 04:45:56 +0000

flicking outrage, is what it is!

Can you gift a partner with a direct contribution to a Roth IRA? What would happen if you gave the person, say, $2,000 by contributing it directly to his or her Roth?

I did this for my son when he graduated from college. But then, you can give a chunk of dough to kids and grand-kids with no tax consequences. I wonder what would happen if you just quietly contributed xx thousand a year to a partner’s Roth IRA? I’m not sure you have to earn the specific dollars that go into it; you just have to BE earning to be eligible to have a Roth IRA.

By: Greener Pastures

Greener Pastures — Tue, 20 May 2008 21:59:14 +0000

Thanks for a great article Mrs Micah. It’s articles like this that help educate many people who have no idea what it means tobe denied the privileges of marriage. Another big federal benefit lost is with social security. The surviving partner gets none of their spouse’s benefit.

Taxes are a pain as well.

Lisa

By: Frugal Chick

Frugal Chick — Tue, 20 May 2008 21:37:52 +0000

Wow, I didn’t know that. I believe gay couples should be afforded equal rights as heterosexual couples.

At least there’s still the Roth IRA until this sucky federal law gets changed. And lets hope that it will change soon.

By: PK

PK — Tue, 20 May 2008 19:51:18 +0000

First, the limit is $5000 this year. Second, my friends are a couple that are currently the same sex, but have all the rights and privileges of a normal marriage. How? because they were married before he had his sex change.

By: mrsmicah

mrsmicah — Tue, 20 May 2008 18:40:06 +0000

@Miranda & Heidi,

One thing Micah and I did when we got married was split our wedding between state and church. First, we took out a civil license and were married at the courthouse (on our 5th anniversary) and then 2 days later we had an unlicensed church wedding.

We saw the first as registering as a couple with the state for various tax and whatnot purchases. And we saw the second as a religious/community decision….which we considered our real wedding.

By: Heidi

Heidi — Tue, 20 May 2008 18:15:39 +0000

Well, that sucks.

I agree with Miranda – joint tenantship should be a concern of the state, not the church. I’m 100% on board for civil unions (I have actually considered postponing my own wedding until gay marriage is recognizedand legal).