I have my panties all in a wad because, I don't understand why, the IRS instructions
have to be so confusing and downright complicated!
There's a 12 step worksheet to complete, called the IRA Deduction Worksheet--Line 32. By the time one muddles thru that mess, one doesn't know, If they're flying upside down or sideways.
My Question: (Actually, the question is from a guy I know, who's not as smart as
The "Guy," is retired. Wife works and contributes to her 403b plan at her work. Their combined income, including "His" SSA, small pension and CD/bank interest, totals less than $150,000. Wife, is the only income provider. (She, gets a W-2.)
Here's the question:-- Can the husband, add to his established IRA, the maximum of $5,000 deductible, by virtue of being over 50 years of age?
The more I read, from the instructions, the examples, the various publications and worksheets, the more blown away I/(My friend, gets!)
I would appreciate the valued comments, from anyone choosing to participate!