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  Friday November 24, 2017

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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.

Depending 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.




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