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Deductions & credits
hesformes is correct except that the amount deferred to the traditional account reduces the amount of net earnings available to contribute to a traditional or Roth IRA. With only $4k deferred to the traditional account, enough ($16,000) remains of the net earnings to support maximal traditional or Roth IRA contributions for both spouses (until the individual annual limit goes above $8,000 in the future).
‎February 18, 2024
6:57 AM