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Ira deduction - if I have no earned income but my wife does and we are filing jointly can I open an ira and get the deduction?
i am retired with no income, other than some dividends. my wife still works. Can we both open IRAs before 4/15/19 and both take a deduction?
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June 6, 2019
12:06 AM
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Retirement tax questions
Yes, depending on your income and age, you can do a spousal IRA.
The nice thing with TurboTax is you can go to Deductions and Credits section in TurboTax and down to Retirement contributions and enter it, and see the immediate impact.
And yes, as long as payment is made by April 15, 2019 and it is designated as a 2018 IRA contribution.
For more on IRA income limits see this link below and the 4th one down addresses spousal IRA's.
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions
June 6, 2019
12:06 AM