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Yes this is possible if both meet all of the necessary rules and qualifications.
Go to the IRS gov web site and use the search box for Publication 590 go to chapter 1
Who Can Set Up a Traditional IRA?
If both you and your spouse have compensation and are under age 70½, each of you can set up an IRA. You cannot both participate in the same IRA. If you file a joint return, only one of you needs to have compensation.
What Is Compensation?
Generally, compensation is what you earn from working. For a summary of what compensation does and does not include, see Table 1-1. Compensation includes all of the items discussed next (even if you have more than one type).
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What else can I help you with?
Can you write off credit card wage garnishment payments on your taxes?
You cannot write off credit card wage garnishment payments on your taxes. It is best not to get into a situation where your wages are being garnished.
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
How do you write off charity donations on your taxes?
If you would like to write off charity donations on your taxes be sure you have all receipts and a flawless record of your donations. When you file your taxes itemize the deductions on the appropriate page. If you are unsure how to fill out a tax form get help from a tax professional.
Can I write-off a records storage company as part of the cost to my business on my taxes?
Storage costs related to your business can be written off on your taxes. Storage costs include fees paid to storage services and companies.
What are tax write offs?
"Write offs" are slang for items that you deduct from your tax income or obligations. For example, if you have investment income of $100 but have a loss of $10 you can "net" the loss against the income. Or, as another example, if you pay fees of $12 for your IRA account, that fee is allowed to be "written off" the income.
Can I write off Roth IRA contributions on my taxes?
No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.
Can you write off Roth IRA contributions on your taxes?
No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.
Can you write off IRA contributions on your taxes?
Yes, you can typically deduct traditional IRA contributions from your taxable income when filing your taxes, which can lower your overall tax bill.
Can I write off a junk car donation on my taxes?
You can write off almost any donation on your taxes. Junk car donation is also something that you can write off.
How much daycare expenses can you write off on your taxes?
You can write off up to 3,000 per child for daycare expenses on your taxes.
Can you write off funeral expenses on your taxes?
No
Can you write off gift cards on your taxes?
No, you cannot write off gift cards on your taxes as they are considered a personal expense and not a deductible business expense.
Can I write off gas as a business expense on my taxes?
Yes, you can typically write off gas as a business expense on your taxes if you use your vehicle for business purposes.
Can you write off property taxes in California on your tax return?
Yes, you can write off property taxes in California on your tax return as long as you itemize your deductions.
Can you write off discounts on your taxes?
No, you cannot write off discounts on your taxes. Discounts are not considered taxable income, so they cannot be deducted on your tax return.
Can you write off health insurance premiums on your taxes?
No
Can you write off a trip for business on your taxes?
Yes, you can potentially write off a business trip on your taxes if it is necessary for your work and meets certain criteria set by the IRS.
