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IRA

can i  deduct contributions to spouse's ira if i was the only one with income we are over 50 and meet the requirements

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1 Reply
Vanessa A
Employee Tax Expert

IRA

Yes.  If you file a joint return, then you can take a deduction for the contributions to both yours and your spouses IRA's even they do not work and you are the only one with income, as long as you meet the other requirements.  However, you cannot contribute a total for both accounts of  more than the total taxable compensation that you report on your return.  

The Basics of a Traditional IRA

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