spousal ira contribution question
if someone with magi of over 300k has a spouse with a sole proprietorship that nets 5k, can the spouse who nets 5k from the sole proprietorship contribute to an IRA and get a deduction?
Or because the spouse has a plan at work is the deduction disallowed because they make over 228k?
As always, thank you
Permalink Submitted by Alan - IRA critic on Wed, 2022-11-23 20:13
Joint MAGI of this amount eliminates the deduction for either spouse if even one spouse is covered by a workplace plan. A non deductible spousal contribution could be made however, since there is no income limit for ND contributions. Perhaps a back door Roth would work for either spouse, if such spouse does not have pre tax IRA balances already in existence.