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.
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
blugopher
Level 1
szou28
Level 1
mbeans-tws
New Member
CJB-1959
Level 2
sjkbrown
New Member