Limit For This Year On Ira?

[Unregistered]

My bank told me and my husband we both each can contribute to IRA for $4500, which makes $9000 . But when we put it on the return the limit says only $4500.

Is this correct? Is it just for one person to contribute or just the $4500? I'm a little confused in what to do about it. Thank you.

[S T]

Limits

Are you using Turbo Tax?

Sandy

[Unregistered]

Are you using Turbo Tax?

Sandy

No Drake sofeware.

[veritas]

Are one of you covered by a retirement plan? If for instance the husband is covered at a job and his income is high enough the IRA deduction will be limited. The spouse would possibly still qualify for a deductible IRA.

[Unregistered]

Are one of you covered by a retirement plan? If for instance the husband is covered at a job and his income is high enough the IRA deduction will be limited. The spouse would possibly still qualify for a deductible IRA.

No neither has a retirement plan 401-k nor a IRA. They were just starting it with an IRA in the bank.

[Matt Sova]

Software

I know within my software there is a box to check if covered by a retirement plan. I do not know how Drake works, but could you have inadvertently marked one of them as being covered when they are not?

Matt

[Unregistered]

I know within my software there is a box to check if covered by a retirement plan. I do not know how Drake works, but could you have inadvertently marked one of them as being covered when they are not?

Matt

I can't seem to find it on Drake anywhere to mark it, guess call software or anyone that
has Drake let me know. Thanks alot!

[Brian EA]

Ira contributions

I use Drake software and I can't seem to understand why you cannot make both contributions if both of you are over 50 and not contributing to a retirement plan.
Go to screen 4 and enter 4500 for each one of you.

Check the result and let me know

[Unregistered]

I use Drake software and I can't seem to understand why you cannot make both contributions if both of you are over 50 and not contributing to a retirement plan.
Go to screen 4 and enter 4500 for each one of you.

Check the result and let me know

Thank you Mr. West. I have been going to screen Adjustment form 8606 putting the whole contribution for 2005 on it. Thank you for your great help there on this matter for me. Bravo to you!!!

[Brian EA]

Hey, that's why we have this board

good luck