Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
dppencil
New Member

I am self-employed, but my business took a loss in 2016. Spouse is covered by retirement plan at work. Can I

still contribute to my IRAs (trad and Roth) for 2016?  We are both 65+ but under 70.5.
1 Best answer

Accepted Solutions
dmertz
Level 15

I am self-employed, but my business took a loss in 2016. Spouse is covered by retirement plan at work. Can I

Although you yourself do not have eligible compensation to support an IRA contribution, you can make a spousal traditional or Roth IRA contribution for 2016 based on your spouse's eligible compensation in 2016:

Kay Bailey Hutchison Spousal IRA:  https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230444

View solution in original post

1 Reply
dmertz
Level 15

I am self-employed, but my business took a loss in 2016. Spouse is covered by retirement plan at work. Can I

Although you yourself do not have eligible compensation to support an IRA contribution, you can make a spousal traditional or Roth IRA contribution for 2016 based on your spouse's eligible compensation in 2016:

Kay Bailey Hutchison Spousal IRA:  https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230444

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v