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Retirement tax questions
"My income was $7010 but since I am over 50 I am able to contribute $8000 total. My husband retired last year but still had $1793(bonus) in earned income of which $990 is to be put into my IRA account."
The law permits only the spouse with the lower compensation to make a spousal contribution. Because you have higher compensation that your husband, your contribution is supported only by your compensation and not by any of your husband's compensation. This means that your maximum permissible IRA contribution is $7,010 and TurboTax is properly enforcing this limit.
‎February 25, 2025
7:09 PM