How much can be deducted as contribution to an IRA account?
The maximum amount that can be deducted for tax year 2008 is the lesser of $5,000 or the adjusted gross income of the taxpayer, which can be attributed to professions and occupations of both spouses, even if only one of the spouses is employed. In the case of married couples who file a joint Puerto Rico income tax return, the maximum amount that can be deducted in your joint income tax return is the lesser of $10,000 or the combined adjusted gross income gained from to professions or occupations of both spouses, even if only one of the spouses is employed. Contributions by each spouse must be made to separate accounts.
