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Retirement tax questions
And the MAGI limits are combined? If spouse 1 is participating and spouse 2 isn't, spouse 1 can only contribute if their combined MAGI is less than $129k and spouse 2, if their combined MAGI is less than $214k?
In our situation, our combined MAGI is above $214k, but my individual income is less than $129k. And we both participate in a 401k. Does that mean neither of us can deduct a contribution, or just I can?
‎January 10, 2023
11:13 AM