- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
TurboTax does correctly determine the permissible amount of an IRA contribution when provided with correct information.
The amount shown on a W-2 that will support an IRA contribution is the amount in box 1 minus any amount in box 11.
For a spousal contribution, only the spouse with the lower compensation is eligible to use the other spouse's compensation to support their contribution. For example, if Spouse A has $5,000 of compensation and Spouse B has $4,000 of compensation, Spouse A's contribution is limited to $5,000 while Spouse B would be eligible to make a $7,500 contribution (provided Spouse A contributed no more than $1,500 to Spouse A's own IRA).
‎February 8, 2024
1:16 PM