Need help - Spousal IRA Problem
I had opened a spousal traditional IRA long time back when my wife was not working. Couple of years later, she started working but her work did not have a 410(K) plan so I continued to contribute to that IRA. Last year (2013), her company started a 401(K) but my wife is not participating in that plan. However, I made a contribution to the IRA for 2013 as well.
My tax adviser says that I cannot make any more contributions and that I should get back the 2013 contribution from the IRA company. (I did not claim any tax deductions for the 2013 contributions).
1. Was contributing to spousal IRA valid after my wife started working?
2. How can I get back the 2013 contribution? What will happen if I do not?
3. Now that I cannot contribute anymore, what should I do with this account?
I will appreciate any help.