Navigating IRA Contributions and Spousal Rules

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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.

Today Dr. Dahle is answering all of your questions about taxes. He talks about FICA taxes, quarterly estimated payments, IRA contributions and tax deductions, paying taxes when you work in two states in one year, how to make your tax situation as efficient as possible and more.

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