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New Member
posted Apr 9, 2024 7:19:24 AM

Income limits for IRA contribution

My husband is covered by 401 K at work I am not.  AGI is 203,000.00  Can I deduct IRA contributions ?

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1 Replies
Expert Alumni
Apr 9, 2024 7:34:40 AM

The ability to deduct your IRA contribution is based on your Modified AGI, your filing status, and whether you are covered by a retirement plan at work.

 

Please see this TurboTax article for calculating your MAGI from your AGI.

 

Your husband is covered by a retirement plan at work. With MAGI at $203,000, he can't contribute to a deductible IRA.

 

See this IRS document.

 

You aren't covered and you make a full deduction up to $6,500 (plus a catch-up of $1,000 if aged 50 or over).

 

See this IRS document.