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Returning Member
posted Feb 12, 2020 12:00:31 PM

Traditional IRA Deduction

My husband is covered by a retirement plan at work.  I am retired military, and was in a trading business in 2019 which only generated losses.  Wondering if I would be considered a non-working spouse, and if my traditional IRA contribution for 2019 would be limited in any way.  I am over 50, so the full contribution would normally be up  $6K, with an additional $1K as a catch-up.    

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1 Replies
Employee Tax Expert
Feb 12, 2020 12:40:15 PM

Based on what you've told me you cannot contribute to an IRA.  To contribute you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment.  Retirement income doe not count