Question

Can I contribute to 2021 IRA if I don't have income and my wife is working full time with a 401k account?

Forum|Forum|5 years ago
February 19, 2021
1 reply
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TurboTax Online

Employee

If you file a joint tax return and your compensation is less than your spouse's compensation (as in this case), you can make a traditional IRA contribution based on your spouse's compensation reported in box 1 of your spouse's W-2 (minus any amount in box 11). Since your spouse is covered by a workplace retirement plan, whether you'll be able to deduct the traditional IRA contribution will depend on your modified AGI for this purpose.

H

henryjjleeAuthor

Thank you. For 2021, my income will be near zero, my wife's is around $150,000. Is my IRA (or Roth IRA) contribution will be $7,000 since I'm over 55?