Financial Products

Financial Products

Questions about financial product options? Find discussions around a wide variety of financial service products here. Looking for your first debit card or a seasoned saver looking for tips to build your bank account, this is a great place to share and learn.

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Pioneer
Posts: 2
Registered: ‎04-04-2016
Accepted Solution

Deducting Traditional IRA's

It is my understanding that becuase my husband and I made more thank $181,000 last year and I have a retirement plan through my work that his Tradiitonal IRA is not deductible, correct?  

Tax Pro
Posts: 5,433
Registered: ‎02-23-2016

Re: Deducting Traditional IRA's

Hi SarahP1,

 

Since you have a retirement plan through work and your spouse does not, your deduction is limited once your total income exceeds $183,000, and once your total income is equal to $193,000 or more you do not get a deduction.

 

Welcome to the community & please ask if you have any other questions.

Pioneer
Posts: 2
Registered: ‎04-04-2016

Re: Deducting Traditional IRA's

Thank you.

 

Tax Pro
Posts: 5,433
Registered: ‎02-23-2016

Re: Deducting Traditional IRA's

Welcome.

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Pioneer
Posts: 1
Registered: ‎04-16-2017

Re: Deducting Traditional IRA's

I was looking for this same info since it will not allow me to take the IRA adjustment and I think I have the same scenario.  Our combined income is approx. $243K from my job, my wife's job, and a pension.  I was able to take the adjustment last year with about the same income.  Is this a change from last year??