I was covered by an employer-sponsored 401K for half of 2023, and my wife was not covered by any. We made $7500K to her traditional IRA, like we did last few years. However, we didn't get any deduction for that amount in 2023, while we used to get full amount deduction. Could you please advise why?
Thank you
Due to you being covered by a workplace retirement plan at some time in 2023 and filing jointly, you are not eligible for a deduction for your wife's 2023 traditional IRA contribution if your modified AGI for the purpose exceeds $228,000.
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