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Financial Planning / Tax Strategies


Subject:  Re: IRA Q Date:  12/19/2012  10:42 AM
Author:  TMFPMarti Number:  117159 of 130966

I'm retired and get SS. My wife works part-time, grossing around $45K, and she's covered by a qualified plan at work. Can I contribute $6K to my IRA and deduct the $6K in calculating our AGI?

As long as you're under 70 1/2 and file a joint return, probably. Same is true for her, probably. See Pub 590, Chapter 1 for the phaseout ranges and how to calculate MAGI. (The phaseout range is different for her.)

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