Guest Donna Henderson Posted July 31, 2001 Posted July 31, 2001 Are contributions allowed to an IRA for a spouse (non-working, non income producing) when the the husband works for a company who offers a 401(k) plan and max's himself.
Michael Devault Posted July 31, 2001 Posted July 31, 2001 Yes, as long as (a) you file a joint return and (B) your adjusted gross income is less than $150,000. Take a look at IRS Publication 590 for more information. It's available on the IRS' website.
BPickerCPA Posted July 31, 2001 Posted July 31, 2001 Actually, the contribution is allowed regardless of the income. The only limiting factor is that the spouse cannot be 70½ or older in the year of the contribution. The contribution for the spouse is fully DEDUCTIBLE if income is under $150K. Barry Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
Michael Devault Posted August 1, 2001 Posted August 1, 2001 As usual, Barry is correct. Thanks for clarifying my response. Mike
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