Traditional IRA Deduction

lsantiago21le12 · ‎February 12, 2020

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.

JohnB5677 · ‎February 12, 2020

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

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