I am 55 and my wife is 52. We're going to file joint tax return for 2020. We both have employer-sponsored retirement plan (401K). My wage on line 1 W2 would be $57800 and my wife $59200, the combined taxable income $117000. What is the maximum deductible contribution limit for us? My understanding that the maximum contribution limit is $7000 for each if our combined income below $104000. Is $104000 are from W-2 or W2 minus our IRA contribution? Thank for answering
