Any individual may qualify for his or her own IRA, even if they do not generate income. However, in the case of married couples, they must file a joint tax return in order to qualify for a Roth or Traditional IRA. In addition, unlike the previous IRA tax laws, if you or your spouse contribute to a 401(k) and/or company sponsored retirement program, your may now qualify for either a full or partial Traditional or Roth IRA account.

Joint accounts are not permitted in this Plan. However, you and your spouse may each establish separate accounts for the same Beneficiary or you may both contribute to the same account. See similar questions...

Yes. Only one account from the combined statement need be listed. If you receive a separate statement, then that account number would also have to be enrolled. See similar questions...

AccountAccess is based on the "Primary" SIN for each account. For security measures, there will only be one User ID and password for each account whether the account is individual or joint. Also, you will only have access to accounts for which your SIN is identified as the "Primary" SIN. See similar questions...

No. Massachusetts does not provide for joint wills. Both you and your spouse need separate wills, even if you own all your property jointly. When the first spouse dies, all joint property will pass to the survivor. Therefore, the survivor who becomes the sole owner of the property needs a will. Because there is no way of knowing who will die first and who second, both spouses need wills. See similar questions...

No. All CashPay accounts will be issued in your name only, similar to how your paycheck is issued in only your name. See similar questions...

Yes, you can both continue to log on to the account as usual. However, you may want to establish your personal image and name (name only for bill pay service), and security questions together so that you both know the answers if you are ever prompted to provide additional information when logging in. Yes, you can change your personal security image and name (name only for bill pay service) or security questions at any time. See similar questions...

IRA is an Individual Retirement Account. Many banks can open this type of account for you. Money that is set aside in your IRA is tax-sheltered until you withdraw it after age 59½. If you do withdraw the money before you turn age 59½ an additional 10% penalty tax may apply. When you opt for a lump sum payment of your pension you can have the lump sum directly rolled over into your IRA in order to temporarily postpone paying taxes. See similar questions...

Yes. Contributions of $4,000 for each spouse are allowed if the couple's wages or self-employment earnings are $8,000 or more. This rises to higher amounts after 2007. See similar questions...

Yes, subject to the income conditions above. This allows contributions of $4,000 each if the couple's earnings are at least $8,000 after 2004; higher amounts after 2007. See similar questions...

Yes, a non-working spouse is eligible to open either a traditional or Roth IRA with a maximum contribution of $4,000 in 2007. See similar questions...

Joint wills are probated when the first party to the will dies, preventing the will from being modified thereafter by the surviving spouse, since both parties must agree to any modifications. Joint wills prevent a surviving spouse or partner to change his or her mind about how the property should be distributed. Joint wills can tie up property for years, pending the death of the second spouse/partner, thereby making the joint will useless and outdated. See similar questions...

Obtain a new "Terms & Conditions" from your branch and submit same duly signed by all joint account holders See similar questions...

Yes. The HSA can only be established as an individual account but you can assign your spouse to be a Power of Attorney on the account. However, you can use funds from your HSA to cover eligible medical expenses for your spouse and/or dependents. For maximum savings potential, both you and your spouse should have an HSA. This way, each of you can make catch-up contributions when you turn 55. See similar questions...

To add a joint account holder, log in to OnCommand, select the message box at the top right corner of the page, and send a request that includes the joint account holder's full name, phydivsl address (no PO Boxes) and telephone number; date of birth, Social Security number, mother's maiden name, and last four digits of the account on which the joint account holder is to be added. Or, make your request by phone to Customer Service at 888.763.7600. See similar questions...

First Command Bank does not remove account holders from a joint account. Call Customer Service at 888.763.7600 to close your joint account and open a new account in your name only. See similar questions...

Any person who has not reached yet seventy five (75) years of age who receives “compensation,” that is, income from wages, salary, professional services, occupational income, selling commissions, tips or self-employment from sources within Puerto Rico and who is a resident of the Commonwealth of Puerto Rico. Compensation does not include interests, dividends, rents, royalties, income from child support or capital earnings or any other income that does not come from employment. See similar questions...

The maximum amount that can be deducted for tax year 2005 is the lesser of $5,000 or the adjusted gross income of the taxpayer, which can be attributed to professions and occupations of both spouses, even if only one of the spouses is employed. See similar questions...

If there is no conflict with any other law, you can name a beneficiary to continue receiving the payments in the event of your death. If no beneficiary has been named, the balance in your account will be part of your estate. If your IRA account is canceled because of death, there will be no cancellation penalties coming from the Department of the Treasury. See similar questions...