How much can be deducted as contribution to an IRA account?

The maximum amount that can be deducted for an individual in a taxable year, as defined in the Internal Revenue Code of Puerto Rico, is $5,000 or the adjusted gross income of the taxpayer, attributed to professions and occupations, whichever is less. 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 $10,000 or the combined adjusted gross income gained from professions or occupations of both spouses, whichever is less, even if only one of the spouses is employed. Contributions by each spouse must be made to separate accounts.  

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