Can we contribute to IRA to save taxes? Gross income for a joint account is $143K? How much can each spouse contribute?

[chadha-surinder]

What is the threshold for contributing to IRA

[SabrinaD2]

You can contribute to an IRA to save on taxes. For 2023, each spouse can contribute up to $6,500 (or $7,500 if you're 50 or older). Since your joint gross income is $143,000, you can contribute to a traditional IRA, but the deductibility might be limited if either of you has a retirement plan at work. 

For a Roth IRA, the contribution limit starts to phase out for married couples filing jointly with a modified adjusted gross income (MAGI) between $218,000 and $228,000.  Since your income is below this threshold, you can contribute the full amount to a Roth IRA.

For more details, check out the IRS page on IRA contribution limits.

[Edited 02/20/2025 | 7:11 pm PST]