I did some searching (google and reddit) as well as some reading from links in the sidebar but I’m still searching for an answer regarding taxes and IRA’s.
My wife is self employed and nets around $4k/mo. I am not self employed and net around $5-6k/mo. We have a large family and for this reason we have never owed claiming a number of dependents. With her business taking off and steadily showing growth and me advancing rapidly in my industry (my salary does too) we are trying to lessen the tax burden when we file jointly by utilizing an IRA. For this reason I recently opened a Traditional IRA.
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I do want the Traditional IRA for the tax relief right?
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Can we both obtain a deduction by each contributing the maximum to an IRA?
From what I gather the max we can have deducted is $5500 regardless of whether or not we each have an IRA. Can anyone Validate/Correct me?
Submitted July 09, 2017 at 09:52AM by xxxcraigchrist88xxx http://ift.tt/2uFuZGc
