Question

401K IRA Contributions

Forum|Forum|1 year ago
September 13, 2024
1 reply
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I am over 50 years old and my wife is over 60 years old. I went back to work and will contribute 30000 to my work 401K. Can I still contribute 8000 to my none working wife's IRA?

Reading on the web says you can, then I hit a line that says you cannot if you have a 401K. I do not understand what that means or if I can contribute to my wife's IRA. I thank you for any help that is given.

DoninGA

Employee

Go to this IRS website for IRA contributions if you have a retirement plan at work for tax year 2024 - https://www.irs.gov/retirement-plans/plan-participant-employee/2024-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work

Note that the website is only for deducting the IRA contribution on your tax return. Even if your Modified AGI is greater than $143,000 you can still contribute the $8,000 to your spouse's IRA although it would not be deductible on your tax return.

T

Temeku999Author

I think I forgot to add my income to that question. I will make 65000. After I contribute 30000 to my 401K, I would like to add to my wife's IRA to lower our taxes and put us under the threshold of her SS being taxed.

Is this 8000 contribution to my none working wife's IRA deductible? Thank you