Eligible for regular IRA.

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Eligible for regular IRA. PeterL 03-28-2007  Re: Eligible for regular IRA. woessner@gmail.... 03-28-2007
Posted by PeterL on March 28, 2007, 1:25 pm Situation, husband has full time job with pension plan. Wife works very little and earned about $2,000 for 2006. Both over 55 yr. filing jointly. Husband not eligible for deduction for regular IRA. But wife can contribute up to $5,000 to a regular IRA and have it deductible. Is this correct. Posted by woessner@gmail.com on March 28, 2007, 3:03 pm > Situation, husband has full time job with pension plan. Wife works > very little and earned about $2,000 for 2006. Both over 55 yr. filing > jointly. Husband not eligible for deduction for regular IRA. But > wife can contribute up to $5,000 to a regular IRA and have it > deductible. Depends on their MAGI. Consult Pub 590, table 1-3. To summarize: Full deduction allowed if MAGI < $150K Partial deduction allowed if $150K < MAGI < $160K No deduction allowed if MAGI > $160K --Bill Similar Threads Posted Regular or taxexempt investing? March 30, 2007, 4:12 pm Eligiblity of Roth IRA, regular IRA and spousal IRA December 6, 2006, 5:02 am