Little-known Tax deduction for your Valentine Your Money & Your Life Podcast

Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine’s Day is here. It’s a busy time of year, and while “Be my little tax deduction” isn’t the most romantic thing to say to your spouse this holiday, we’re going to discuss a tax deduction you can make for your Valentine before April 15th in today’s show.
 
Here’s some of what we discuss in this episode:
The randomness and unpredictability of Groundhog’s Day, the Super Bowl, and the stock market
What is a spousal IRA contribution and how does it differ from a normal IRA contribution?
How can spousal IRA contributions benefit retirees and pre-retirees in terms of tax deductions and retirement savings?
The implications of IRA contributions for individuals over age 73 + alternative retirement savings options for self-employed individuals
 
Resources for this episode:
Wall Street Journal Article – Spousal IRAs
https://www.wsj.com/personal-finance/retirement/theres-still-a-way-to-double-your-retirement-tax-breaks-before-filing-0f689dc1?st=cssro7zcnwkzp8r&reflink=desktopwebshare_permalink
 
Income limits for IRA deductions
https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work
 
Get in touch with Don and learn more: https://doncashpodcast.com/