She may use your earned income to make an IRA contribution as long as she has not reached age 70½ during the tax year. She may make a contribution up to $5,500 ($6,500 if over age 50) or your taxable compensation, whichever is less. Whether the IRA contribution is deductible depends on your modified adjusted gross income (MAGI) for the tax year. See the Form 1040 instructions for a worksheet you can use to compute the amount that is deductible.
Articles in this section
- My spouse is retired and had no earned income. I, however, did have earned income and I participate in my company's retirement plan. If we file married filing jointly, is she eligible to make a deductible traditional IRA contribution based on my income?
- My parents took out a student loan, but I'm now an independent taxpayer making the payments. Who can claim the interest deduction, me or my parents?
- I make support payments to my ex-spouse for her and our two minor children in her custody. Are these payments deductible as alimony?