Filing jointly with spouse. My spouse is not employed. I am covered under 401k. My spouse is not and no separate income. Can I contribute to IRA for deduction?

Income is over $140k

posted

No, you cannot deduct the traditional IRA contribution because you have the retirement plan at work and the $140K income is over the $124K limit for 2020.

If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return. Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels.

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