Zeljka Saric
Feb 21 2001, 06:07 PM
What was allowable deductible contribution into an IRA in 1982?
Michael Devault
Feb 22 2001, 07:27 AM
The lesser of $2,000 or 100% of includible compensation.
In those instances where an individual contributed to an IRA on behalf of his/her nonemployed spouse, the deductible amount was the lesser of $2,250 or 100% of his includible compensation, reduced by his/her contributions to his/her own IRA. In other words, if you contributed $2,000 to your IRA, you could have contributed only $250 to the spouse's IRA.