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We contributed 11000 traditional ira last year. Turbotax only says our deduction is 8450.00? Why is that?
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Either some of the contribution is an excess contribution due to having insufficient compensation to support the contributions (look for a Form 5329 being included in your tax return) or your modified AGI for the purpose is high enough that some portion of the contribution is nondeductible due to one or both of you being covered by a workplace retirement plan (look for Form 8606 being included in your tax return).
Note that an IRA is owned by only one individual; there is no "our" IRA. For spouses to contribute a total of $11,000, that would have to be split between contributions to separate IRAs for each spouse to stay under each individual's IRA contribution limit.
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