I am self-employed and receive non employment compensation. My wife is retired as am I, therefore neither are covered by a plan at work. We each maintain a traditional IRA. We are married and file JOINTLY. Per the subject line, TTax 2022 is limiting my IRA contribution. The IRS has a nice chart found at 2022 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions if You...
When attempting to apply a contribution (less than the max allowed) and with neither the wife nor I listed as having a plan at work, or a W-2 that could trigger a limitation, it limits me. Why? What am I missing, or is TTax 2022 in error?
Specific to within that chart are the criteria that apply to my specific condition (at least I read it as such) and it says for the years 2021 and 2022:
If Your Filing Status Is... And Your Modified AGI Is... Then You Can Take...
| married filing jointly or separately with a spouse who is not covered by a plan at work | any amount | a full deduction up to the amount of your contribution limit. |
