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You may contribute up to $5500 ($6500 if age 50+). You are not limited to your $5000, since your spouse has compensation too.
The contribution may be deductible if your joint AGI is less than $186,000 and partially deductible if under $196,000.
You may contribute up to $5500 ($6500 if age 50+). You are not limited to your $5000, since your spouse has compensation too.
The contribution may be deductible if your joint AGI is less than $186,000 and partially deductible if under $196,000.
It depends -
The ability to make a deductible IRA contribution depends on such factors as your filing status, your level of income and if you have a retirement plan through your employer (or your spouse's employer). Click this link for the IRA phase-out limitations - https://www.irs.gov/retirement-plans/ira-deduction-limits
If you qualify, you still have time to make contributions to an IRA that you can deduct on your 2017 tax return. When making this contribution, you will need to indicate that your contribution is for the 2017 tax year.
You have until April 16, 2018 for make contributions to an IRA for 2017 tax year.
For more information about IRA contributions and limitations, please refer to this IRS link:
Go into TurboTax and run a couple of scenarios with various amounts of contributions.
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