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pickle607
Level 2
April 10, 2023

IRA DEDUCTION

  • April 10, 2023
  • 2 replies
  • 4 views

What is the ira deduction for mfj with only 1 spouse - age 61 with earned income of $40,000, other spouse age 68 with only social security income $22,000 -- $7,000 Each?

 

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    2 replies

    qbteachmt
    qbteachmt
    Level 15
    April 10, 2023

    While a person without earned income can't contribute to a retirement account, there is a provision for spousal contribution from the one who earned, based on their eligibility and qualification.

    You can google:

    trad ira 2022 calculator

    And find lots of calculators. Run through the scenarios for your clients.

    Don't yell at us; we're volunteers
      PATAX
      PATAX
      Level 12
      April 10, 2023

      Enter $7,000 for each one in the software and see what happens and  look it up in quickfinder or taxbook or the instructions.

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