Are you covered by a retirement plan at work?
Only deductible Traditional IRA contributions can reduce your AGI and if you are covered by a retirement plan at work then your MAGI must be less than $124,000 to have any deduction. (Phase out $104K-$124K)
If you are not covered but your spouse is then the phase out limit is $196K - $206K.
So possible one spouse could contribute unless both spouses have retirement plans at work.
And yes, the date to contribute to a 2020 IRA is May 17.
Covered by a retirement plan at work is usually indicated by box 13 on your W-2.
1) Box 13 (retirement plan) on your (or spouses) W-2 is checked,
2) Box 12 on your (or spouses) W-2 contains codes D, E, F, S, or AA/
3) You answered “yes” to the “Are you covered by a Retirement Plan at work” in the interview.
4) You have a self-employed retirement plan.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
