I participate in a qualified retirement plan at work but my wife does not. Will any contribution that I make to a traditional IRA be deductible on our joint federal income tax return?
How about vice versa?
traditional IRA and income tax return?
28
Apr
David Z
April 28, 2010 at 3:57 am
your contributions will not but hers will. assuming she does not have a qualified plan at her work.
v b
April 28, 2010 at 4:35 am
Get IRS publication 590 and actually READ the rules.
There is an income ceiling when you have a plan at work. So you may or may not be able to take a tax deductible deduction. This rules kicks in if EITHER you or your wife is covered by a plan at work.
For MFJ, the phaseout began at $85,000.