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Eligible to contribute to IRA?
plm66
03-16-2008, 11:13 PM | Post #2498551
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I can't figure out if my husband is eligible to contribute to either a traditional or Roth this year.
Married, filing jointly
Line 22, total income is 164,251
deduct line 27: 1/2 of self employment tax: 2092
deduct line 28: SEP ira: 5503
this is for my business, I'm self employed, sole proprietorship
Husband is an employee of a regular company.
Line 37, AGI is 156,656. I can't figure out if we have to add the above two things back in and have a MAGI of 164,251 or if MAGI is 156,656.
I do not know if his employer offers a 401k, but if so, husband did not participate. I can't figure out if it makes a difference if a retirement plan was offered and we didn't participate, vs. none offered.
Is husband eligible for either a traditional (deductible) IRA or a Roth?
Topics
401(k)
IRAs
retirement plan
Roth
SEP ira
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