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Author: raksha Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 72247  
Subject: Tra-IRA question??? Date: 2/22/2001 1:26 PM
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My AGI is less than $90000 FY2000, my wife is a homemaker and does not have any income($0).

My question is, can I contribute $2000 towards Tra-IRA in my wife's name and take that deduction on our Joint return?? or is it that my wife needs to have some income for making that contribution???

Thanks !!!
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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: 28049 of 72247
Subject: Re: Tra-IRA question??? Date: 2/22/2001 1:33 PM
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Greetings, Raksha, and welcome. You asked:

My AGI is less than $90000 FY2000, my wife is a homemaker and does not have any income($0).

My question is, can I contribute $2000 towards Tra-IRA in my wife's name and take that deduction on our Joint return?? or is it that my wife needs to have some income for making that contribution???

Yes, provided you are filing a joint return, then your spouse may contribute and deduct up to $2,000 for a traditional IRA. Check out our handy-dandy IRA Eligibility Calculator at http://www.fool.com/ira/2001/ira.htm?ref=prmptp for details.

Regards..Pixy

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