I asked this question on the Tax Strategies board, but received no answer. I'm hoping someone here may know.Here goes.As I understand the new tax law, between 2002 and 2006 there will be a 50 percent tax credit available for IRA contributions up to $2,000. This credit will be available to couples with an AGI beneath $30,000, or singles below $15,000. Between $30,000 and $50,000 (or $15,000 and $25,000) there is a phaseout. My question is this: Can both husband and wife claim the credit? In other words, if each contributes $2,000 or more to an IRA (the limit increases next year), can each receive the credit (up to $2,000 total)? Does it matter if the couple files jointly or separately?So far, the closest thing I've found to an answer is this:The credit is available to individuals who are 18 or over, other than individuals who are full-time students or claimed as a dependent on another taxpayer's return.This seems to imply that both might be eligible--I think. But it isn't very specific. Does anyone know more about this?I would be grateful for any additional information. --Phillip
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