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L
LA1994
April 9, 2024
Question

Income limits for IRA contribution

  • April 9, 2024
  • 1 reply
  • 0 views

My husband is covered by 401 K at work I am not.  AGI is 203,000.00  Can I deduct IRA contributions ?

    1 reply

    M
    MinhT1
    April 9, 2024

    The ability to deduct your IRA contribution is based on your Modified AGI, your filing status, and whether you are covered by a retirement plan at work.

     

    Please see this TurboTax article for calculating your MAGI from your AGI.

     

    Your husband is covered by a retirement plan at work. With MAGI at $203,000, he can't contribute to a deductible IRA.

     

    See this IRS document.

     

    You aren't covered and you make a full deduction up to $6,500 (plus a catch-up of $1,000 if aged 50 or over).

     

    See this IRS document.

     

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