but the income limits for taking them as a deduction if they or their spouse has a retirement plan at work are much lower than for those who file jointly.16The maximum contribution permitted in 2024 is $7,000 and $8,000 for those ...
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 you'll have a lower income threshold with other filing statuses than if you're married filing jointly. You can only deduct half the maximum $3,000 in capital losses if married filing separately, and your possible IRA contribution deduction can get affected...