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relating to ultimate result of the example.
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jxramos
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Well, my not knowing that by definition an IRA cannot be a joint account has led me to my confusion in interpreting the above question. So now I can rightly grasp that this worksheet in the context of married filing jointly addresses these questions to both spouses individually. Interesting stuff.

An individual retirement account (IRA) must be established and maintained on an individual basis. It cannot be held jointly.

Read more: Can IRAs be held jointly by spouses? | Investopedia http://www.investopedia.com/ask/answers/05/jointira.asp#ixzz4bTWwtd7Y Follow us: Investopedia on Facebook

So to wrap up the results of the remainder of the worksheet for this example, I would not be able to yield a tax deduction contribution to 1040 Line 32, but my wife would be able to up to a maximum of $5500. Cool beans.

Well, my not knowing that by definition an IRA cannot be a joint account has led me to my confusion in interpreting the above question. So now I can rightly grasp that this worksheet in the context of married filing jointly addresses these questions to both spouses individually. Interesting stuff.

An individual retirement account (IRA) must be established and maintained on an individual basis. It cannot be held jointly.

Read more: Can IRAs be held jointly by spouses? | Investopedia http://www.investopedia.com/ask/answers/05/jointira.asp#ixzz4bTWwtd7Y Follow us: Investopedia on Facebook

Well, my not knowing that by definition an IRA cannot be a joint account has led me to my confusion in interpreting the above question. So now I can rightly grasp that this worksheet in the context of married filing jointly addresses these questions to both spouses individually. Interesting stuff.

An individual retirement account (IRA) must be established and maintained on an individual basis. It cannot be held jointly.

Read more: Can IRAs be held jointly by spouses? | Investopedia http://www.investopedia.com/ask/answers/05/jointira.asp#ixzz4bTWwtd7Y Follow us: Investopedia on Facebook

So to wrap up the results of the remainder of the worksheet for this example, I would not be able to yield a tax deduction contribution to 1040 Line 32, but my wife would be able to up to a maximum of $5500. Cool beans.

Source Link
jxramos
  • 1.8k
  • 2
  • 19
  • 30

Well, my not knowing that by definition an IRA cannot be a joint account has led me to my confusion in interpreting the above question. So now I can rightly grasp that this worksheet in the context of married filing jointly addresses these questions to both spouses individually. Interesting stuff.

An individual retirement account (IRA) must be established and maintained on an individual basis. It cannot be held jointly.

Read more: Can IRAs be held jointly by spouses? | Investopedia http://www.investopedia.com/ask/answers/05/jointira.asp#ixzz4bTWwtd7Y Follow us: Investopedia on Facebook