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Author: dkates Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: How much can I put in my wife's IRA? Date: 12/28/1999 9:45 AM
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My wife previously earned over $2000 and we fully funded her traditional IRA (married, filing jointly)? In the year 2000 she will earn more than the $250 for a spousal IRA, but possibly less than $2000. Can I still fully fund her IRA with $2000 if she makes less than $2000?
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16989 of 76237
Subject: Re: How much can I put in my wife's IRA? Date: 12/28/1999 12:42 PM
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Greetings, Dkates, and welcome. You asked:

<<My wife previously earned over $2000 and we fully funded her traditional IRA (married, filing jointly)? In the year 2000 she will earn more than the $250 for a spousal IRA, but possibly less than $2000. Can I still fully fund her IRA with $2000 if she makes less than $2000? >>

As long as you file a joint return. only one spouse has to be making enough income to allow both spouses to make a $2K contribution to an IRA. Those contributions will be fully deductible for the nonworking spouse and may or may not be deductible for the working spouse. For details, see our IRA area at http://www.fool.com/Money/AllAboutIRAs/AllAboutIRAs.htm.

Regards..Pixy

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Author: dkates Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16996 of 76237
Subject: Re: How much can I put in my wife's IRA? Date: 12/28/1999 1:39 PM
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Just to clarify. Do I understand that my wife's contribution would be tax deductible even if my income is over the limit for tax deductability?

Thanks,
DK

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