pickle607
Level 2
‎04-10-2023 02:43 PM

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

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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PATAX
Level 15
‎04-10-2023 04:08 PM

Enter $7,000 for each one in the software and see what happens and  look it up in quickfinder or taxbook or the instructions.

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