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Feb 8

IRA Deduction-how much if married filing jointly and we both have IRAs in our own name?

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Hello. The above says it all. My wife and I are both over 50, and we file married/filing jointly. If we both put $5000 in our IRAs, do we get a $10,000 deduction, or do we max out at $5000?

thanks a bunch…

RVS


4 comments so far...

  • newjerseyguy Said on February 8th, 2010 at 1:36 pm:

    The IRA deduction is per person.

  • StephenWeinstein Said on February 8th, 2010 at 1:53 pm:

    The IRA deduction limit is per person. You can each contribute the max (not sure if $5000 is the correct amount) and deduct the total of both contributions (if otherwise eligible to deduct IRA contributions).

  • ninasgramma Said on February 8th, 2010 at 2:45 pm:

    The maximum possible deduction for you is $10,000 ($5,000 per person) for 2007. The deduction increases to $6,000 per person in 2008.

  • Richard M Said on February 8th, 2010 at 3:36 pm:

    You can deduct the $10,000, provided your modified AGI is less than $83,000.

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