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MLTENN
New Member

Traditional IRA for spouse not working

I am working on my taxes, I am retired, my wife still works, the home and business software will not allow me to put money into my traditional IRA account. I thought a spouse could do this. 

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2 Replies

Traditional IRA for spouse not working

Why are you using the Home & Business version?  Does one of you have a self employment business on Schedule C?  Does she have any W2 income?

 

For an IRA contribution.  If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes then only up to the max IRA limit.

dmertz
Level 15

Traditional IRA for spouse not working

Also, to be eligible to make a spousal IRA contribution you must file jointly and the spouse making the spousal contribution must be the one with the lower compensation.

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