How much can I deduct for IRA account contributions?

The maximum annual compensation amount deductible under the current laws, is whichever is less between $5,000 or the adjusted gross income of the taxpayer attributable to professions or occupations of both spouses, even if only one spouse is employed. In the case of married individuals who file a joint income tax return in Puerto Rico, the maximum deductible amount from their joint income tax return is whichever is less between $10,000 or the combined adjusted gross income from compensation attributable to both spouses’ professions or occupations, even if only one spouse is employed. The contributions made by each spouse must be made in separate accounts.