Friday, December 16, 2011

How Much of IRA Contributions Can We Claim As Tax Deduction?

Married filing jointly. Have jumped through all the hoops in Pub 590 on IRAs. Turns out my wife and I can contribute $9,000 to our IRAs. We are both in 60s. She will contribute $6,000 to her IRA and I will contribute $3,000 to mine. Given all that, how much can we claim as a tax deduction on our joint return? $9,000 or $6,000?

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