<<Will someone (TMFPixy ?) please comment on the new (1998) Spousal IRA rules. I opened one for my not-working-outside-the-home wife and contributed the $2k for 1998. My accountant did not exclude this from taxable income because, he said, our joint AGI (~$123K) was too high. I was under the impression that the limiting AGI for joint returns was $150K before reductions in exclusion from taxable income kicked in. Does anyone have an IRS pub number on this?>>TMFPixy answers: Sheesh! Fire that accountant and get a new one for next year that keeps up with the tax laws. Your understanding of the deductibility of a contribution to a traditional IRA for a non-employed spouse is absolutely correct.Would the fact that I contributed around $7k to a SEP IRA affect the amount that can be contributed to the Spousal IRA? I got the Pub 590, and the text under Spousal IRA limit on page 6 makes me wonder.Thanks much.FoolishProf
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