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IRA Contribution for over 70 1/2 year olds and deductibility

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    #1

    IRA Contribution for over 70 1/2 year olds and deductibility

    You can now make IRA Contributions if you are over 70 1/2. I have a client married filing joint. Their adjusted gross is $180,000. He earns $34,000 W-2 wages. The pension plan box is checked and he contributes $2,400 to 401k. The spouse has no earned income. Can the taxpayer and spouse each contribute and deduct $7,000 to a traditional IRA?
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    #2
    What does your software say? I know we shouldn't rely on it, but. . .

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      #3
      Look up the limits for deducting IRA contributions when covered by an employer plan in TTB or elsewhere.

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        #4
        that's right it is for 2020. Sorry about that.

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