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WCI #366: Tax Questions

White Coat Investor Podcast

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Navigating IRA Contributions and Spousal Rules

This chapter provides detailed insights into IRA contributions and spousal rules, emphasizing the individual nature of IRAs within a married couple and explaining eligibility criteria, contribution limits, and deduction rules based on factors like income and tax filing status. It explores strategies like the backdoor Roth IRA and delves into the complexities surrounding spousal IRAs, offering specific figures for maximum contributions and catch-up contributions. Additionally, the chapter discusses the tax implications of hiring a spouse for a business, highlighting the drawbacks and recommending alternative tax-saving strategies like hiring children instead.

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