We file married joint. My wife will receive a w2 for about 60K (60K taxable income- says her final 2022 paystub)
I started my own business this year and will have losses after equipment purchases and a hefty truck deprecation, among other deductions.. in turn will reduce her AGI..
I read on the IRS website, married, joint, with a AGI of $41K or less can receive a 50% credit on any IRA contributions- up to $2,000 credit (with a $4K max contribution.. for the credit..).
It appears the IRA limit per person is $6K a a year. Our IRA is only in my name (my wife has a 401 but not including) - If I have already, or meet/exceed $4K in just my IRA, will that qualify for a $2K credit? and does it need to be done by dec 31st? Or like other retirement accounts, do I have a bit longer??
Almost seems too good to be true??
