You'll need to sign in or create an account to connect with an expert.
It depends. The qualifier is if one spouse works, and has an employer-sponsored plan, there is an income level limitation on how much can be contributed to an IRA tax-deductible. This FAQ discusses this: https://ttlc.intuit.com/replies/3301534
You will notice that if you had above 119,000 of income, and you participated in an employer-sponsored retirement income, you cannot get a deduction for the IRA contribution. However, your spouse may claim the full deduction on up to 186,000 of income if you participated in an employer sponsored plan but your spouse did not. Thus, the 6,500 could be because you are somewhere in the middle of those income ranges. (If you have less than 99K of income, however, the full IRA is deductible).
It depends. The qualifier is if one spouse works, and has an employer-sponsored plan, there is an income level limitation on how much can be contributed to an IRA tax-deductible. This FAQ discusses this: https://ttlc.intuit.com/replies/3301534
You will notice that if you had above 119,000 of income, and you participated in an employer-sponsored retirement income, you cannot get a deduction for the IRA contribution. However, your spouse may claim the full deduction on up to 186,000 of income if you participated in an employer sponsored plan but your spouse did not. Thus, the 6,500 could be because you are somewhere in the middle of those income ranges. (If you have less than 99K of income, however, the full IRA is deductible).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
diana1203-
New Member
zbchristy501
Returning Member
mjmoor60
New Member
9a60ef2cc2a3
New Member
nrp13
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.