Q. What is the limit on contributions to IRA account (for possible deduction) if over age 72, married, but neither spouse is working?
A. $0.
For anyone over age 50, the normal limit is $7000. But, the actual wording is:
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- your taxable compensation for the year*
To contribute to a traditional IRA or Roth IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment.
*If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return.
References:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li....
https://www.irs.gov/taxtopics/tc451#:~:text=To%20contribute%20to%20a%20traditional,net%20income%20fr....
