Yes, if you are filing jointly, your MAGI includes both of your incomes.
To calculate your modified adjusted gross income (MAGI), take your AGI and "add-back" certain deductions
Your AGI (Adjusted Gross Income) is on Line 11 of Form 1040.
Click this link for more info on Calculating AGI/MAGI.
As @DanaB27 pointed out above, your IRA Contribution deduction may be limited if you or your spouse contributed to a retirement plan at work.
TurboTax calculates if any portion of your contribution is 'non-deductible' and generates Form 8606 for you in that case.
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