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IRA Question
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JB
Feb 10, 2012, 11:08:25 AM2/10/12
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My wife and I file a joint return. I have income and she does not. We are
both over 60 and I am covered by a retirement plan. Because of our AGI, the
tax software I use calculates that I can deduct $1000 for an individual IRA
and my wife can deduct the full $6000. So on our joint tax return, we would
show the IRA deduction as $7000. When we actually open the IRAs before the
April tax deadline, do we have to open the accounts in those amounts or can
we average them and each open a $3500 IRA? I thought this kind of averaging
was permitted but can't find it in the instructions, so maybe it was an old
rule.
both over 60 and I am covered by a retirement plan. Because of our AGI, the
tax software I use calculates that I can deduct $1000 for an individual IRA
and my wife can deduct the full $6000. So on our joint tax return, we would
show the IRA deduction as $7000. When we actually open the IRAs before the
April tax deadline, do we have to open the accounts in those amounts or can
we average them and each open a $3500 IRA? I thought this kind of averaging
was permitted but can't find it in the instructions, so maybe it was an old
rule.
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