topic Traditional IRA in Retirement tax questions

Traditional IRA

Roland61 — Tue, 10 Mar 2020 19:12:14 GMT

My spouse 55 is still working, I am 58 disabled collecting social security. We file jointly every year. Can I open a traditional IRA the 7000.00 max? My credit union says no because I am not working. TD Trade says yes. I don't know what I can do. I did my Turbo Tax and it checked out fine but now I'm not sure if I should take the deduction for the IRA out?

Please help, I want to do this correctly.

Re: Traditional IRA

MinhT1 — Tue, 10 Mar 2020 19:28:24 GMT

If your spouse has sufficient earned income, you can contribute and deduct a spousal IRA up to the limit of $7,000 as you are over 50.

Re: Traditional IRA

Roland61 — Tue, 10 Mar 2020 19:33:31 GMT

Thank you so much Minht1.

Re: Traditional IRA

dmertz — Tue, 10 Mar 2020 19:38:34 GMT

Although you can make the traditional IRA contribution, whether or not it will be deductible will depend on your modified AGI for the purpose and whether or not your wife is an active participant in a workplace retirement plan.