I contributed full amount to 401k. Husband retired plan to make contribution to IRA. Can I also contribute to an IRA to reduce 2023 tax liability?

[RachelW33]

It depends.

If your husband was not covered by an Employer Sponsored Retirement Plan at any time during the year, he can make a Deductible Traditional IRA Contribution up to the amount of the "earned" income from wages or operating a business reported jointly on your return. (Even if all the income was earned by you). For more details, please see IRS Topic 451, IRAs.

Because you were covered by an Employer Sponsored Retirement Plan, your ability to make a Deductible Traditional IRA contribution phases out when your Modified Adjusted Gross Income (MAGI) is between $116,000 - $136,000.