@RandyK wrote:
My wife's TT determined max contribution amount is understandable. But mine isn't because I am disabled and my only sources of income is from SSA disability payments, my Gov't retirement pension, and no taxable interest, dividends, or capital gains. So I would think my max contribution determination would be 0. But TT comes up with $1,492 for me. I would like to see how this number is generated.
On a joint return it is the total joint taxable compensation reguardless of which spouse earned it, after the spouses IRA contribution is subtracted - what is left can fund a spousal IRA.
See Kay Bailey Hutchison Spousal IRA.
in IRS Pub 590-A.
https://www.irs.gov/publications/p590a#en_US_2020_publink1000230444
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
