Can I Make Spousal Ira Contributions For Retirement Intuit Turbotax ођ
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Can I Make Spousal Ira Contributions For Retirement Intuit If you and or your spouse are under the age of 50, you can each contribute up to $6,000 in 2022 ($6,500 for 2023), assuming your income is at least that much. if you are at least 50, you can contribute as much as $7,000 for 2022 ($7,500 for 2023). you can make a 2022 contribution to your traditional ira up until the tax deadline. This is not an additional ira contribution, because the spouse with no earned income is not allowed to make a regular ira contribution, just the spousal ira contribution. so each of you can contribute up to $6000 ($7000, if over 50) for 2022.
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Making Spousal Ira Contributions With Images Spousal Ira Iraо The turbotax program is telling me that i am entitled to make a $14,000 contribution. $7,000 for myself and $7,000 for my non working spouse. i thought i was limited to the $3,464 i received as wages for my unused vacation leave. the only thing that i can surmise is that turbo tax is including the $11,349 late wages penalty as earned income. I am 72 1 2 and have begun taking the rmd from a traditional ira which has been maintained as a spousal ira with contribution coming from my wife. my wife is 70 and is still working. can she continue to make a contribution to this spousal ira even while i am drawing the rmd from it?. Yes, you can have a spousal ira as long as your working spouse has sufficient earned income to cover both of your ira contributions. note that you must file your taxes as married filing jointly. @opus 17 , magi for the purpose of a roth ira contribution does not include the taxable amount of roth conversions @lsrosenb , if your net income from self employment is $4,000, your net earnings from self employment are $3,717 after subtracting the deductible portion of self employment taxes of $283, so $3,717 is the amount of compensation you have that can support a roth ira contribution.
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How To Save For Retirement 7 Ways To Save The Turbotax Blog Yes, you can have a spousal ira as long as your working spouse has sufficient earned income to cover both of your ira contributions. note that you must file your taxes as married filing jointly. @opus 17 , magi for the purpose of a roth ira contribution does not include the taxable amount of roth conversions @lsrosenb , if your net income from self employment is $4,000, your net earnings from self employment are $3,717 after subtracting the deductible portion of self employment taxes of $283, so $3,717 is the amount of compensation you have that can support a roth ira contribution. Tax refund calculator tax bracket calculator w 4 withholding calculator self employed expense estimator more calculators latest tax law changes active duty reserve military product reviews tax tips turbotax blog. Only the spouse with the lower compensation is eligible to use the other spouse's compensation to support their ira contribution. one other restriction that danab27's reply fails to mention with respect to spousal contributions is that the spouses must file jointly.
![How To Save for Retirement 7 Ways To Save intuit turbotax Blog How To Save for Retirement 7 Ways To Save intuit turbotax Blog](https://blog.turbotax.intuit.com/wp-content/uploads/2021/06/Can-I-Make-Spousal-IRA-Contributions-for-Retirement-411-×-600-px.png)
How To Save For Retirement 7 Ways To Save Intuit Turbotax Blog Tax refund calculator tax bracket calculator w 4 withholding calculator self employed expense estimator more calculators latest tax law changes active duty reserve military product reviews tax tips turbotax blog. Only the spouse with the lower compensation is eligible to use the other spouse's compensation to support their ira contribution. one other restriction that danab27's reply fails to mention with respect to spousal contributions is that the spouses must file jointly.
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