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...
Regular taxable investment accounts do not have contribution limits. However, retirement accounts do. 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 ...