Thought we were be smart and contribute the max allowed for over 50's to our IRA'S. $6500 each so we thought we'd get a nice refund. Idiots we truly are ,you can only deduct IRA contributions against earned income meaning a job which means we cant deduct 1 cent. The worst part we found out is that you pay a yearly penalty ,almost$200 a year that this money stays in the IRA because it's considered an excess Ira contribution. To avoid this we have to withdraw all this money by april 15.