I am a retiree with a federal pension. Mywife wants to contribute the maximum allowed to a traditional IRA in my name (based on our married filing jointly status). My wife still works and has a retirement plan from her employer. Is she allowed to contribute to a traditional IRA in my name? My bank doesn't think I am allowed to do so but I'm waiting a call back from the bank's financial planner. TurboTax Premier allowed me to take the deduction for the contribution after I provided all the info it requested.
If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return.
For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
Go to this IRS website for 2023 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work - https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work