If you are married, and both you and your spouse plan to contribute to Roth IRAs, determine your allowable contribution amounts separately. If you are using this worksheet, complete it once for you and once for your spouse.
The way that you calculate your allowable contribution depends on your income tax filing status for the year of the contribution:
- Single or head of household
- Married filing jointly or qualifying widow(er)
- Married filing separately
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Posted by Michael Chapman at 12:00 PM UTC
If you are married, use this worksheet twice, once for you and once for your spouse.
Step One: How Much Can You Contribute to a Traditional IRA?
You need to know how much you can contribute to a traditional IRA before you calculate how much you can deduct. The amount that you can contribute to a traditional IRA depends on the amount of taxable compensation that you (and, in some cases, your spouse) had for the year. All, part, or none of your traditional IRA contribution may be tax deductible on your federal income tax return.
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Posted by Michael Chapman at 12:00 PM UTC
