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Retirement tax questions
Yes, you are correct about the limits and if your wife wasn't covered by a retirement plan at work she should be able to deduct the traditional IRA contribution. Please keep in mind if she had a retirement plan at work for one day, then she is considered to been covered by a retirement plan for the year and she won't be able to deduct the traditional IRA contributions if your MAGI is above $124,000.
Please check her W-2 entry if the retirement plan in box 13 is checked or is box 12 indicates any retirement contributions.
- Login to your TurboTax Account
- Click on "Search" on the top right and type “W-2”
- Click on “Jump to W-2”
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April 7, 2021
5:36 AM