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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11589
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My wife and I are filing jointly. We make combined income of

Customer Question

My wife and I are filing jointly. We make combined income of 83,600. I need to know, if we make an IRA contribution will it be a full deduction or partial deduction. I am 64, she's 56.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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I can help you here. If neither of you was covered under a workplace plan for 2015 (pension, 401(k), etc) then the IRA's a fully deductible.

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It's when there IS a plan at work that was used by you or amounts were credited for you (again, called qualified plan coverage) that the income becomes important.

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If that's the case, then, for 2015 the limit for deductibility for a couple filing jointly is at 98000. (Said differently, at income of 98000 or less there's a full deduction up to the amount of your contribution limit).

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It would only be for those households whose income is between 98,000 and 118,000 that there would be a partial deduction (and no deduction for incomes above that)

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I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the , faces, or stars on your screen, and then clicking “submit”)

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That’s the only way JustAnswer will credit us for the work here.

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Thank you!

Lane

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

Expert:  Lane replied 1 year ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane