How much should a married couple filing jointly contribute to a traditional ira for maximum tax benefits?

[phg4]

Is it specific to their income, expenses, etc.?

[ChrisJ · Accepted solution]

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.

For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Here are some links that will help you determine what's best for you: https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-l...

https://turbotax.intuit.com/tax-tools/tax-tips/Investments-and-Taxes/Deductions-Allowed-for-Contribu...