Hi, we are married filing jointly, total earned income $12586, when i enter 7000 contribution to my husbands ira and 5ooo to mine it doesnt allow full deduction.

sallybumpus · ‎March 14, 2022

it does let me do 6000 to each, but that is not what i contributed

DoninGA · ‎March 14, 2022

A person has to be age 50 or older to have an IRA contribution of $7,000. Under age 50 the maximum contribution is $6,000.

Vanessa A · ‎March 14, 2022

How old is he? If he is under 50, you are only allowed to contribute $6,000 per person. If he is over 50, then you can contribute $7,000.

If he is under 50, then you would need to withdraw the $1,000 extra or you will be charged a 6% penalty on the extra $1,000 per year.

If he is over 50, then you should go back and double check his date of birth. An error here would stop you from deducting the $7,000.

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