Filing jointly or separately affect IRA contributions?

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Topic Author
eec504
Posts: 5
Joined: Sun Dec 30, 2018 10:02 pm

Filing jointly or separately affect IRA contributions?

Post by eec504 » Tue Feb 05, 2019 4:58 pm

Please provide some insight on this BG gods.

I have a hard time understanding the IRA contribution limit.

If spouse A makes 500k a year and spouse B makes 50k a year then I know that both will not be eligible for deductions if filing jointly. If they were to file separately then would spouse B be able to take a deduction for contributing to traditional IRA?

I looked at https://www.fidelity.com/retirement-ira ... -deadlines and I think the answer is that spouse A/B will be barred from a deductions. I assume that if that is true then a backdoor roth is still a valid option? TIA!!

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FiveK
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Re: Filing jointly or separately affect IRA contributions?

Post by FiveK » Tue Feb 05, 2019 6:05 pm

Depends on other things, e.g., if one or both are covered by a retirement plan at work.

See IRA Deduction Limits | Internal Revenue Service for the different situations.

ETA: Appears the Fidelity site took the numbers from the IRS site.

Topic Author
eec504
Posts: 5
Joined: Sun Dec 30, 2018 10:02 pm

Re: Filing jointly or separately affect IRA contributions?

Post by eec504 » Mon Feb 11, 2019 1:31 pm

Yes. Both of us are covered by retirement plans at work.

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