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#3
04-12-2006, 11:55 AM
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 Re: Over 60 wife has no income can I contribute to her traditional IRA account?? victor wrote: - quote - > I have several questions re a traditional IRA. I'm 60 and so
No, you can contribute up to $4,500 to each IRA. :-)> is my wife. > I earned 50K from a US govt retirement annuity last year > plus 15K from self employment consulting. > My wife had no earnings. > Can I contribute $3500 to my IRA account AND hers?? - quote - > If so will the $7000 be deductible for 2005 tax purposes??
Yes- quote - > Do I have to file a 8606??
Only if you DON'T claim a deduction.<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
04-12-2006, 11:17 AM
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| Re: Over 60 wife has no income can I contribute to her traditional IRA account?? "victor" <mouln[at]yahoo.com> wrote: - quote - > I have several questions re a traditional IRA. I'm 60 and so
Yes, if the 15K were earnings.> is my wife. > I earned 50K from a US govt retirement annuity last year > plus 15K from self employment consulting. > My wife had no earnings. > Can I contribute $3500 to my IRA account AND hers?? - quote - > If so will the $7000 be deductible for 2005 tax purposes??
Probably. Not really enough information.- quote - > Do I have to file a 8606??
Only if the IRA is nondeductible.<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
04-12-2006, 10:58 AM
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| Re: Over 60 wife has no income can I contribute to her traditional IRA account?? "victor" <mouln[at]yahoo.com> wrote: - quote - > I have several questions re a traditional IRA. I'm 60 and so
Yes> is my wife. > I earned 50K from a US govt retirement annuity last year > plus 15K from self employment consulting. > My wife had no earnings. > Can I contribute $3500 to my IRA account AND hers?? - quote - > If so will the $7000 be deductible for 2005 tax purposes??
Yes. Your annuitant status doesn't count as being "covered"by a retirement plan, so there are no AGI limitations to worry about. - quote - > Do I have to file a 8606??
No.-- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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04-12-2006, 10:58 AM
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| Re: Over 60 wife has no income can I contribute to her traditional mouln[at]yahoo.com (victor) posted: - quote - > I have several questions re a traditional IRA.
On the facts presented, you can make a contribution of $4500> I'm 60 and so is my wife. > I earned 50K from a US govt retirement > annuity last year plus 15K from self > employment consulting. > My wife had no earnings. > Can I contribute $3500 to my IRA account > AND hers?? > If so will the $7000 be deductible for 2005 tax > purposes?? to each IRA account -- one for you, one for your wife -- since you are both over 50, based upon the 2005 "upgrade." Your self-employment income qualifies this. Yes, both could be deductible. - quote - > Do I have to file a 8606??
No, unless you want the contributions to be NON-deductible.Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
04-11-2006, 07:31 AM
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| Over 60 wife has no income can I contribute to her traditional IRA account?? I have several questions re a traditional IRA. I'm 60 and so is my wife. I earned 50K from a US govt retirement annuity last year plus 15K from self employment consulting. My wife had no earnings. Can I contribute $3500 to my IRA account AND hers?? If so will the $7000 be deductible for 2005 tax purposes?? Do I have to file a 8606?? Thanks for your help! Vic << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| account, contribute, income, ira, traditional, wife |
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