IRA DEDUCTION FOR MARRIED FILERS WHEN ONE SPOUSE HAS
ANOTHER RETIREMENT PLAN
When only one spouse is covered by an employer sponsored
retirement plan, both spouses may deduct all or part of his or her contributions
subject to limits determined by their joint adjusted gross income from their
federal income tax return.
Phase-out of the covered spouse's deductible contribution begins
once the joint AGI reaches $70,000. It declines by $10 for every additional $50 of AGI.
The non-covered spouse has full deductibility up to $150,000 of joint
AGI. This declines by $10 for every additional $50 of AGI. At $160,000, deductibility drops to zero.
upon your family adjusted gross income, each spouse may deduct all or part of
their traditional IRA contribution. The amount they may deduct is calculated
separately for the spouse with the employer sponsored retirement plan and the
spouse with no employer sponsored plan.
Is a traditional IRA for you? You can use your knowledge of tax deductibility to help you decide.