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Subject:  Re: midnight taxes Date:  2/18/1998  7:53 AM
Author:  TMFPixy Number:  1837 of 88431

Greetings, hbisafool, and welcome.

<<Pixy, You said if the working spouse can support a 2K contribution for the non-worker, he/she can make a deductible IRA contribution.

Do the income limitations for deductible IRA's come into play on the non-working spouse IRA?>>

If one spouse works and is covered by a retirement plan through that job and if the other spouse (working or not) is not covered by a retirement plan, then the spouse not covered by a retirement plan may contribute up to $2K to a deductible IRA each year. The deductible part of that contribution is reduced from $2K to $0 when joint AGI is between $150K and $160K, a much higher range than that for folks who ARE covered by retirement plans at work.


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