Question

I exited from my employer in Feb-2022 and contributed $2,400 in company 401K for Jan-Feb 2022. Why does Turbo Tax not allow me to contribute an additional $4,600 to IRA?

I am 65 and our tax status is Married Filing Jointly. My wife does not work. Shouldn't each be allowed $7,000 IRA deduction?

You are considered as covered by a retirement plan at work in 2022, even if you had the 401(k) plan for 2 months.

The deductibility of an IRA contribution depends on your MAGI.

For you, the deductibility starts to phase out at MAGI of $109,000 and is eliminated for MAGI of $129,000 and above.

Please read this IRS document for your information.

For your spouse, the deductibility starts to phase out at MAGI of $204,000 and is eliminated for MAGI of $214,000 and above.

Please read this IRS document for your information.

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