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Investing/Strategies / Retirement Investing
|Subject: Re: midnight taxes||Date: 2/18/1998 7:53 AM|
|Author: TMFPixy||Number: 1837 of 75802|
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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