However, your ability to claim a tax deduction for your IRA contributions is limited if you have a 401(k) account at work and your modified adjusted gross income reaches a certain amount. For married couples filing jointly, if the spouse who makes the IRA contribution is covered by a workp...
While retirement accounts are only in one person’s name, the contribution limits are decided by the household income if you file as “married filing jointly”. If you file taxes separately, then the income limits are based on your individual income. For most people, there are two sets of ...