hard · Certified Financial Planner Estate Planning
The Saini family consists of a husband, a wife, and their 22-year-old daughter. The husband earns 190,000 and is covered by a 401(k) at work. The wife is a stay-at-home parent with no earned income.
Which statement is true regarding their 2026 IRA contributions?
- The wife can contribute to a spousal IRA, but the deduction is phased out due to her husband's income.
- The husband can fully deduct a 7,000 IRA contribution as his income is below the HCE threshold.
- The daughter can contribute to a Roth IRA using her parents' income as a qualifying source.
- Neither spouse can contribute to an IRA because their household income exceeds the phaseout threshold.
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