I am 71 on SS and a very small pension. Married to husband (73) who is also on SS and draws pension. We make less than $55,000 on 1040A line 22. I work part-time a few hours a week. Can I use Form 8880 and contribute to a Roth at this age in order to lower tax liability? Also, Can I use the Making Work Pay Credit for same purpose.
Have an IRA on which I have been required to start drawing funds as does my spouse from a Thrift account. Does this knock me out and if not, are those amounts what should be entered as contributions on Line 4 onf Making Work Pay Credit Form?
Have an IRA on which I have been required to start drawing funds as does my spouse from a Thrift account. Does this knock me out and if not, are those amounts what should be entered as contributions on Line 4 onf Making Work Pay Credit Form?