Retired and contributing to an IRA

I am retired, Married filing Jointly and My wife is still working. I went through the IRA contribution section and it told me if I contribute to an IRA I can take a tax deduction. I have no earned income. I thought you had to have earned income to take a tax deduction? My wife is unable to contribute and take a tax deduction I assume because she is covered by a 401k plan and we are over the income limit. Is Turbotax correctly saying I can take a tax deduction for making an IRA contribution?

937

Expert Alumni

Mar 26, 2024 10:32:00 AM

Yes, if you aren't covered by a retirement plan at work and your spouse is, and if you file jointly and your MAGI is less than $218,000, you can contribute to a deductible Spousal IRA (using your spouse's earned income). If you are 50 or over, the maximum contribution is $7,500 for tax year 2023.

See this IRS document.

Level 1

Mar 26, 2024 10:42:56 AM

Thanks for the quick response.

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Retired and contributing to an IRA