are spousal ira contributions deductible?
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According to the IRS, the amount of your combined contributions cannot be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A. If neither spouse participated in a retirement plan at work, all of their contributions will be deductible.
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Key Takeaways. Contributions to traditional IRAs are tax-deductible, earnings grow tax-free, and withdrawals are subject to income tax.
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Your MAGI and whether you and your spouse have retirement plans at work determine if you can deduct traditional IRA contributions. If neither spouse is covered by a plan at work, you can take the full deduction, up to the amount of your contribution limit.
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When you open a spousal RRSP you can make a contribution on behalf of your under-71 spouse and claim the tax deduction on that money. Likewise, if you die, your estate can contribute that money to the account in order to provide some inheritance tax free.
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Though you can't deduct your contribution, you can still make a nondeductible contribution to the pre-tax IRA and the money will still grow tax-free while it remains in the IRA. Then, when you take distributions, the earnings will be taxed, but the nondeductible contributions come out tax-free.
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Management fees paid from your IRA account have never been deductible on your federal tax return. In addition, separately-paid IRA management fees are no longer deductible in tax years 2018 through 2025 due to the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017.
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Treat the IRA as his or her own. All of the standard rules applying to the account would then apply to the surviving spouse. The spouse could then make contributions and withdrawals, and name new beneficiaries. Withdrawals are subject to a 10 percent federal income tax penalty if the spouse has not reached age 59 ½.
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If you itemize, you can deduct a part of your medical and dental expenses, and amounts you paid for certain taxes, interest, contributions, and other expenses. You can also deduct certain casualty and theft losses. If you and your spouse paid expenses jointly and are filing separate returns for 2019, see Pub.
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A spousal IRA is a strategy that allows a working spouse to contribute to an individual retirement account (IRA) that is in the name of a non-working spouse with no income or very lilttle income. ... The working spouse's income, however, must equal or exceed the total IRA contributions made on behalf of both spouses.
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Contrary to what so many Americans believe, IRAs come in a few different varieties. ... Roth IRAs have the same annual limits as traditional IRAs, but the tax break comes later: Roth IRA contributions are not deductible, but withdrawals from a Roth are tax-free.
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Most employers can deduct, subject to limits, contributions they make to a retirement plan, including those made for their own retirement. The contributions (and earnings and gains on them) are generally tax-free until distributed by the plan.
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Deduct your traditional IRA contributions on Line 32 of Form 1040. ... You can contribute up to $5,000 into your individual retirement account each year, as of the 2011 tax year. Your contributions to a traditional IRA are tax deductible, but they are not part of your itemized deductions.
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A spousal RRSP allows you to contribute money to your spouse or common-law partner's registered retirement savings plan, up to your personal contribution limit. ... By contributing to a Spousal RRSP, the higher-earning spouse receives a tax deduction that could lower their personal tax bill for the year.
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Are your Self-Directed IRA Custodial Fees Tax-Deductible? Not many retirement account holders know this, but payment of IRA custodian fees are usually tax-deductible. Under Internal Revenue Service (IRS) rules, in place of the standard deduction, you can deduct certain expenses as “miscellaneous itemized deductions”.
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Key Takeaways. Contributions to traditional 401(k)s or other qualified retirement plans are made with pretax dollars, and so are deductible from your taxable income. You can contribute up to $19,500 a year to such a plan in 2020.
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Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. ... This also means IRA and other types of retirement account fees that are considered investment fees are no longer deductible.
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A little background But only people with earned income can contribute to a Roth IRA. So if you -- or your spouse -- aren't still working at least part-time, then you won't be able to contribute to a Roth IRA.