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IRA DEDUCTION
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pickle607
Level 2
04-10-2023
02:43 PM
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What is the ira deduction for mfj with only 1 spouse - age 61 with earned income of $40,000, other spouse age 68 with only social security income $22,000 -- $7,000 Each?
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qbteachmt
Level 15
04-10-2023
03:50 PM
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While a person without earned income can't contribute to a retirement account, there is a provision for spousal contribution from the one who earned, based on their eligibility and qualification.
You can google:
trad ira 2022 calculator
And find lots of calculators. Run through the scenarios for your clients.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
