My 2020 AGI is $163,000, my wife and I are filing jointly. I have a company sponsored 401k retirement. My wife had no reported income for 2020. Can I open an IRA account in her name and contribute the max $7000.00 and then claim the $7000.00 on my 2020 tax return to achieve a lower AGI and net a larger tax return? Turbo Tax allows me to do this but my investment firm says not allowable due to the fact that my wife had no earned income for 2020.
