If your spouse is not working, you can establish a spousal IRA. You and your spouse can make IRA contributions of up to $5,000 and $6,000 in 2010 and 2009 if age 50 by December 31, 2010 (December 31, 2009 for 2009 tax year) each in 2009, providing your tax filing status is married/filing jointly and your combined earnings are at least equal to the contributed amount.

As a result, a couple can contribute a total of $10,000 in 2010 (same in 2009), $11,000 (same in 2009) if at least one of you is age 50 by December 31, 2009, and $12,000 (same in 2009) if both of you are eligible for the catch-up provision.