Our situation: Both over 50 and therefore eligible to contribute $7,000 each for 2020. One of us has earned income under $7,000, but the other has earned income over $15,000, so the combined total exceeds $14,000 (2 contributions @ $7,000).
Also, our MAGI is between $104,000 and $124,000, so we can't have full deductibility for the traditional IRA.
Right now, TurboTax allocates $1,050 per spouse as deductible and $5,950 as non-deductible for T-IRA.
Questions:
1. Can we allocate $1,050 each to the T-IRA and $5,950 each to our Roth IRAs?
2. If so, how do we do that? (Easily done with the software?)
3. Perhaps simpler, can one of us allocate $2,100 to our own T-IRA, putting the balance of $4,900 to our own Roth, while the other spouse allocates $7,000 to their Roth?
4. If so, how do we do that?
Thanks!
