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I am trying to file my taxes online. My husband and I both…

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I am trying to...

I am trying to file my taxes online. My husband and I both contribute to an IRA. His is a 401k and mine is a 403b. Can I include these deductions on my taxes?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My W-2 has code E for 3600.00. My husband's code is D for 11928.61. According to the online tax form I am filling out, traditional IRA deductions can be made up to $5500.00 for me and up to $6500.00 for my husband. Are these contributions what they mean?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Not that I can think of right now.

Submitted: 4 months ago.Category: Tax
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Answered in 6 minutes by:
3/17/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,385
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

What your W-2s show are contributions to retirement plans, NOT an IRA.

The $5500/$6500 are the contribution amounts you each can make to a traditional IRA that is separate from each of your retirement plans.

Whether the contributions are DEDUCTIBLE depends on your modified adjusted gross income.

The following link contains information you will find helpful:

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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