The rules given for the Kay Bailey Hutchinson Spousal IRA contribution are not the only factors that determine the limit of the spousal contribution. Here are some other factors:
- If the working spouse is covered by a retirement plan at work, the non-working spouse's deduction will start to be limited for incomes in excess of $236,000 and is completely phased out above $246,000.
- A working spouse covered by a retirement plan at work will have a limited deduction for incomes above $126,000, with the deduction fully phased out for an income above $146,000
- For low incomes, the total contribution is limited to the couple's taxable compensation.
Based on the screenshot above, it appears that you are using the downloaded version of TurboTax. To see how the amounts above were determined you can view the IRA Deduction Worksheet as follows:
- On the blue banner, click on Forms on the far right.
- On the left side menu that appears, look for a form called IRA Worksheet.
- After viewing the form, you can return to the interview mode by clicking on Step by Step in the blue banner.
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