You each can contribute up to 7,000 each and an additional 1,000 if age 50 or older, HOWEVER, whether they are DEDUCTABLE contributions depend on your MODIFIIED Adjusted Gross Income, since you are also covered under an employer retirement plan.
Before you file, the TurboTax program will help you know the maximum deducible amount you can contribute for tax year 2024 (made in 2025).
Go to "Other Tax Situations" and scroll down to "Retirement Savings" then "IRA calculator tool" START
According to the IRS:
"For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $123,000 and $143,000"
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
