Yes, You (and possibly your wife) can make IRA contributions if you have earned income.
1. Yes, you can contribute $6,500 ($7,500 if over 65) to an IRA.
- It can not exceed your net income.
- Your wife does not have to work.
2. The 2nd line on the IRA contribution screen asks how much of that contribution was made in 2024.
Should I enter the whole IRA contribution in this line? -
Since all of it would be made in 2024 I enter the whole amount.
- You are correct. for what you want to do, the first and second lines should be the same.
When I enter the amount on the first line the deduction is recognized and the tax adjustment made.
However, when I add the amount 2nd line (made in 2024) the IRA contribution is reversed out and tax calculations revert back to what it was previously.
When I make the entry for my wife there's no issues; the contribution is recognized and tax adjusted accordingly.
- The adjustment should occur after yo click continue.
Please contact us again with any additional questions or to provide some additional details.
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