I'm trying to figure out for tax year 2020 if my wife and I both contribute $7000 to IRAs can they be deducted which Turbotax is suggesting (to do by 4/15/2021) and would save me around $1800 in taxes. When I pretend my wife and I both contributed $7000 to a traditional IRA, Turbotax completes Schedule 1 and form 8606 . I worked and my wife did not, she did not contribute to a 401K, I have maxed out my 401K. We are filing Married Filing Jointly, I am 63 and she is 60, our MAGI is $181K. When I look at this document it appears if MAGI is over $124K then there is no deduction? 2020 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions If You...
