- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The wording you referenced, 'your deduction may be limited', does indeed mean that a partial deduction may be allowed if your AGI falls within the phase-out range.
However, given that you are considered to be covered by a retirement plan and you stated that your AGI is above the limits for taxpayer and spouse both covered by a retirement plan, there is no deduction allowed. Unfortunately, the limitation is based on AGI being within a certain range, not on the period of time you were covered by a retirement plan.
You are still allowed to make a contribution to a Traditional IRA. It just will not be deductible on your return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 30, 2023
7:58 AM
974 Views