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Get your taxes done using TurboTax
Yes, if you both had an retirement account at work then both of you will have a partial deduction if your MAGI is more than $104,000 but less than $124,000. Please see IRA deduction limits for details.
1) I can't see any details of your return but if the contribution of $1,050 to the traditional is the allowed deductible amount then, you can contribute this amount to the traditional IRA and $5,950 to a Roth IRA.
2) Please follow these steps to enter a traditional IRA and Roth IRA contribution:
- Open your return
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA” and "Roth IRA" for both you and your spouse
- Go through the interview paying special attention who's contribution the interview is asking about.
3) No, if you both have a retirement account at work then both of your contributions will be limited (see above).
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March 31, 2021
12:05 PM