Hello,
If I don't work, and my spouse does, am I allowed to I take some money from a regular investment account I have and put it into a traditional IRA?
Can I then deduct this contribution from my taxes?
Thanks 🙂
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If you are filing a joint return with you spouse and you spouse has taxable compensation then your and your spouses IRA combined contributions cannot exceed that amount of taxable compensation for the year, or the IRA contribution limits which for 2019 is $6,000 ($7,000 if over age 50) for each spouse.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).
Whether it is deductible or not depends on if yiur spouse is covered by a retirement plan at work and what your total MAGI for the year will be on the joint return.
See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.
https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits
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