Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
B
brysonbert
February 12, 2025
Question

I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

  • February 12, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    M
    MAK70
    February 13, 2025

    It depends- mainly on if either of you were covered by a plan at work.  See IRA deduction limits for a chart so that you can find your correct designation.

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification