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If filing MFJ and only one has W2 income and no retirement plan, can both take IRA contributions deduction or just wage earner?
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Yes, If you want to make an IRA contribution for your non-working spouse, you can. These are the guidelines:
- Have a job with eligible wages, salaries, tips, commissions, nontaxable combat pay, and income from self-employment.
- File a joint income-tax return with your spouse
- The total spousal IRA contribution plus your own IRA contribution can't be more than you taxable compensation.
Please see IRA Contribution Limits for additional details.
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