the appearance or semblance of truth; likelihood; probability: The play lacked verisimilitude. something, as an assertion, having merely the appearance of truth.
But, the Internal Revenue Service sets limits on how much you can contribute each year to an IRA. There are different limits for single taxpayers and married couples because the government recognizes a couple will likely need twice as much money to retire on than one person. Contribution Limits The maximum anyone under the age of 50 can contribute to an IRA is $5,000 per year. The maximum limit for couples is $10,000, and it doesn't matter if that comes from one person or both. IRS rules allow married couples to each make the maximum contribution even if one of the spouses didn't work that year or earn any income.
Since IRAs canât be held jointly, a married couple can contribute the maximum amount to two IRAs. As a result, your working partner can contribute $5,000 to his or her own IRA, and contribute another $5,000 to the IRA in your name, bringing the total annual retirement contribution to $10,000. If the contributing spouse also has an IRA, annual compensation/earned income must exceed the combined contributions the IRAs. 2  Age: The non-working spouse must be under 70 1/2 in the year of the contribution for a traditional IRA.