If both of you are covered by a retirement plan and are under 50 then you can calculate the IRA deduction for 2024 like this:
($143,000 - MAGI) x 0.35 = IRA deduction per spouse.
Please see 2023 IRA Deduction Worksheet—Schedule 1, Line 20 for additional information.
The multiplier is calculated by using the contribution limit for 2024 (7,000) divided by $20,000 (difference of upper and lower limit of phaseout range).
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