Hi
I'll be filing as MFJ with AGI $262K. My employer offered 401K plan but my wife'e employer did not offer 401K or any other type of retirement plan. I know that 262K is above the phaseout limits and so I may not be eligible, but can I take $5K deduction for my wife (since her employer did not offer any retirement plan)? I can open a traditional IRA a/c on my wife's name and put in 5K in it as her 2010 contribution. Both I and my wife are below 50 and did not receive any social security benefits.
Thanks
Raj
I'll be filing as MFJ with AGI $262K. My employer offered 401K plan but my wife'e employer did not offer 401K or any other type of retirement plan. I know that 262K is above the phaseout limits and so I may not be eligible, but can I take $5K deduction for my wife (since her employer did not offer any retirement plan)? I can open a traditional IRA a/c on my wife's name and put in 5K in it as her 2010 contribution. Both I and my wife are below 50 and did not receive any social security benefits.
Thanks
Raj
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