Here’s what married joint-filing couples need to know, whether one or both spouses work.
Whether you’re a stay-at-home mom or dad or just taking some time off work, you should not take a break from saving for retirement. And thanks to more generous federal income tax guidelines, it’s now easier than ever to keep that nest egg growing.
The following point is often misunderstood. When neither spouse participates in a qualified retirement plan , both the nonworking spouse and the working mate can each make deductible contributions to traditional IRAs, regardless of AGI. For example, say the couple’s joint AGI is $400,000 from one spouse’s self-employment activity. If that spouse has no retirement plan, each spouse can make a $6,000 deductible IRA contribution for 2019 .
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