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March 24, 2024
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If your spouse was covered by a retirement plan at work for only part of the year, does that impact the MAGI threshold for determining max deduction for IRA contribution?

  • March 24, 2024
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There is one MAGI range for those who were covered by a retirement plan at work and another range when you and/or your spouse were not covered by a retirement plan at work. I'm trying to determine which range is applicable to us when my spouse did not have a retirement plan at work for much of 2023, and whether we would be able to save on our 2023 taxes by contributing to an IRA by 4/15/2024.
Best answer by dmertz

Coverage at any time during the year, no matter how short, means covered for the year.  The marking of box 13 Retirement plan on your spouse's Form W-2 will indicate coverage for the year.

1 reply

dmertzAnswer
Employee
March 24, 2024

Coverage at any time during the year, no matter how short, means covered for the year.  The marking of box 13 Retirement plan on your spouse's Form W-2 will indicate coverage for the year.