Can my wife and I contribute to a traditional IRA to reduce our tax burden? I've contributed $14,668 to my company sponsored 401k

My wife earns no income, and we file jointly

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Can my wife and I contribute to a traditional IRA to reduce our tax burden? I've contributed $14,668 to my company sponsored 401k

Maybe, maybe not, deepening on your joint MAGI.

See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

MAGI limits

married filing jointly with a spouse who is covered by a plan at work	$196,000 or less	a full deduction up to the amount of your contribution limit.
	more than $196,000 but less than $206,000	a partial deduction.
	$206,000 or more	no deduction.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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Can my wife and I contribute to a traditional IRA to reduce our tax burden? I've contributed $14,668 to my company sponsored 401k

Maybe, maybe not, deepening on your joint MAGI.

See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

MAGI limits

married filing jointly with a spouse who is covered by a plan at work	$196,000 or less	a full deduction up to the amount of your contribution limit.
	more than $196,000 but less than $206,000	a partial deduction.
	$206,000 or more	no deduction.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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