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Husband and wife, employed, have IRA deductions...allowable? Is tax basis the closing amount from 12/31/2016?

 
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IsabellaG
Expert Alumni

Husband and wife, employed, have IRA deductions...allowable? Is tax basis the closing amount from 12/31/2016?

It depends. You might not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work. That’s because the deduction is phased out if your income exceeds certain levels. See these links to see  charts showing how the income limits would apply to you.

Traditional IRA Basis is the amount of nondeductible contributions that you've made over the time that you've had it.


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IsabellaG
Expert Alumni

Husband and wife, employed, have IRA deductions...allowable? Is tax basis the closing amount from 12/31/2016?

It depends. You might not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work. That’s because the deduction is phased out if your income exceeds certain levels. See these links to see  charts showing how the income limits would apply to you.

Traditional IRA Basis is the amount of nondeductible contributions that you've made over the time that you've had it.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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