Facts: Only Spouse had income from work. My income was from pension and investments including RMD from a traditional IRA. Turbo Tax suggested after doing it's review that taxes could be reduced if spouse contributed $6,500 to a traditional IRA.. Spouse did so and now Turbo Tax says our joint MAGI is too high to deduct the contribution. In the help it indicates the MAGI limit is higher when only one spouse had a retirement plan at work., but it does not say what the increased limit is. What is the limit in this fact situation? Having already contributed $6,500 to a traditional IRA - if the amount is nondeductible would it be better to convert that $6500 to a Roth IRA?
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Please see the following for the MAGI limits:
Yes, if it is nondeductible it would be better to convert the amount to a Roth IRA to avoid the hassle to keep track of nondeductible contributions in your traditional IRA.
Please see the following for the MAGI limits:
Yes, if it is nondeductible it would be better to convert the amount to a Roth IRA to avoid the hassle to keep track of nondeductible contributions in your traditional IRA.
For 2022 see
https://www.irs.gov/publications/p590a
Modified AGI limit for certain married individuals.
If you are married and your spouse is covered by a retirement plan at work and you aren’t, and you live with your spouse or file a joint return, your deduction is phased out if your modified AGI is more than $204,000 (up from $198,000 for 2021) but less than $214,000 (up from $208,000 for 2021). If your modified AGI is $214,000 or more, you can’t take a deduction for contributions to a traditional IRA.
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