My husband is retired and I work full time with a 401k. Can I put money in an IRA for my husband to reduce my taxes?

[DavidS127]

Yes, but certain limits apply because you are covered by a retirement plan at work. Your husband's contribution is the smaller of the following two amounts:

1. $6,000 ($7,000 if he is age 50 or older).

2. The total compensation included in the gross income of both you for the year, reduced by the following two amounts.

   • Your IRA contribution for the year to a traditional IRA.

   • Any contributions for the year to a Roth IRA on your behalf.

Because you are covered by a retirement plan at work, your husband's IRA deduction is limited once your modified adjusted gross income reaches $193,000 and is completely eliminated when you MAGI reaches $203,000 (assuming your husband didn't receive any social security benefits).  See IRS Publication 590-A Table 1-3 at this link.  If you husband did receive social security benefits, see this section of IRS Publication 590-A.

See the section of IRS Publication 590-A at this link for the rules on contributing to an IRA for yo....