spousal IRA contrib’s…
Husband is retired and wife is working full-time…combined AGI is under $167k, actual AGI about $120k…
The husband can contribute to a TIRA and take the tax deduction under the spousal IRA rules, correct (AGI under $167K and piggybacking on wife earned income)? The wife, in the meantime, can do a Roth IRA, correct (AGI under $167k)?
Permalink Submitted by Alan Spross on Mon, 2010-12-13 20:36
Wife can contribute to a Roth IRA.
Husband can use spousal contribution to contribute to a TIRA as long as he will not yet be 70.5. His deduction might be affected if he worked at all AND collects SS, but if he did not do both of those things, his deduction would not be affected.