If you’re expecting a deduction for pretax individual retirement account contributions, you need to know the IRS rules to qualify.
"Anyone can contribute to a traditional IRA — you, me, Jeff Bezos," said certified financial planner Howard Pressman, partner at Egan, Berger & Weiner in Vienna, Virginia.
An investor and their spouse may be"in the clear" to write off their entire IRA contributions if both spouses aren't participating in an employer's retirement plan.For example, participation may include employee contributions, company matches, profit-sharing or other employer deposits.For 2022, single investors using a workplace retirement plan may claim a tax break for their entire IRA contribution if their modified adjusted gross income is $68,000 or less.
Married couples filing together may receive the full benefit with $109,000 or less in income, and their partial tax break is still available before reaching $129,000.Spouses who don't work outside of the home may also contribute based on the income of the earning spouse, in what's known as a"This also has income limitations, but they are higher than those for workers covered by a plan," he said.
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