In transferring funds to an IRA in order to get a tax break, is that $7,000 max per person ($14,000 total with my wife), or $7,000 per return?

The total contributions you make each year per person to all of your traditional IRAs and Roth IRAs can't be more than:

• $6,000 ($7,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

Therefore, if you have enough earned income then you can contribute $7,000 for you and $7,000 for your wife (assuming both of you are 50 or older).

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.