I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

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I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

It depends- mainly on if either of you were covered by a plan at work. See IRA deduction limits for a chart so that you can find your correct designation.

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I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

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I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

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I'm 54, spouse 55. Our agi is $246000. Married filing jointly. Can we reduce the amount we owe by contributing to an ira?

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