How much does a married spouse pay for an IRA contribution?

For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range increases to between $116,000 and $136,000 ($109,000 and $129,000 in 2022).

Can a married couple contribute to a 401(k)?

Married couples may find opportunities to claim more tax breaks by contributing to their respective retirement accounts. Each spouse can contribute up to $23,000 in their 401 (k) account for 2024, or up to $46,000 as a couple. If both are over 50, they can contribute an additional $7,500 each, potentially deferring taxes on up to $61,000 annually.

How much can a spouse contribute to a 401(k) in 2024?

Each spouse can contribute up to $23,000 in their 401 (k) account for 2024, or up to $46,000 as a couple. If both are over 50, they can contribute an additional $7,500 each, potentially deferring taxes on up to $61,000 annually. The saver's credit offers tax breaks for low- and moderate-income couples saving for retirement.