Deducting Contribution to standard IRA

1 reply
616 views

If my spouse receives a pension, I receive annuity payments and am still employed with Wages, can we still contribute to a standard IRA in addition to a ROTH-IRA, and are the contributions for the standard IRA deductible? If I'm reading info correctly, it would seem that I could contribute up to $8600 for myself and another $8600 as a 'spousal' IRA for my husband since we are about that 'youngster' mark.

Would contributions be fully deductible or is there an income limit to deducting?

Not A Product Question

AnnetteB6

Employee Tax Expert

The $8600 limit for IRA contributions is for 2026 IRA contributions. If you wanted to make a 2025 tax year contribution, the limit for over age 50 is $8000 per person.

Keeping that maximum limit in mind, if eligible, you can contribute to both a Traditional IRA and a Roth IRA as long as the total amount contributed does not exceed the contribution limit. This may be done for you and your spouse since you have taxable wages. The amount of your taxable compensation must be greater than the total combined IRA contributions for both you and your spouse.

There are income limits that are imposed to determine what amount, if any, of a Traditional IRA contribution may be deductible. There are also income limits that are imposed to determine the amount of Roth IRA contributions that may be allowed.

TurboTax will apply these limits and give you messages onscreen to guide you in determining what you are allowed to contribute and/or deduct. If you are making the contributions for 2025, then go to the Deductions and Credits > Retirement and Investments > Traditional and Roth IRA Contributions section to enter the amounts you wish to contribute to make sure you are eligible. Do this after you have entered all of your 2025 income.

To learn more, the following IRS information may help:

Retirement topics - IRA contribution limits

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"