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Retirement tax questions
From IRS pub 590-A-see below. Does this mean that a person can use his combined income with his spouse to determine the maximum IRA contribution for the year? Again same example: spouse 1 earns 1500$, spouse 2 earns 1000$. Combined earned income is 2500$. Based on the regulation referenced below, can spouse 1 contribute 2500$ to his own IRA, provided no other contributions were made by any of the spouses whatsoever for the same tax year?
Kay Bailey Hutchison Spousal IRA Limit
For 2022, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following two amounts.
$6,000 ($7,000 if you are age 50 or older).
The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts.
Your spouse's IRA contribution for the year to a traditional IRA.
Any contributions for the year to a Roth IRA on behalf of your spouse.