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Get your taxes done using TurboTax
Because you are covered by a workplace retirement plan, the MAGI limit for you to be able to deduct the full annual maximum traditional IRA contribution for 2023 is $116,000. It appears that your MAGI would be:
$60k + $45k + $33k - $32k = $106k
so, assuming that none of what you have as Schedule 1 deductions are required to be added back to AGI in calculating MAGI, it seems that you are under the $116k limit. If you contribute to the traditional IRA and you find that you underestimated your MAGI and some or all of your traditional IRA contribution ends up being nondeductible, you could always ask the IRA custodian to recharacterize that amount to be a Roth IRA contribution instead.
‎October 5, 2023
4:15 PM
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