Me and my wife got retirement accounts at work, but my wife's retirement amount is very small ($361) and she didn't contribute to 401k, can she contribute to IRA and deduct in our taxes our joint MAGI is more than $122k.
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You are both considered as covered by a retirement plan at work. Because of this, your wife cannot contribute to an IRA and deduct it as your MAGI is more than $121k.
Please see this IRS document for more information:
You are both considered as covered by a retirement plan at work. Because of this, your wife cannot contribute to an IRA and deduct it as your MAGI is more than $121k.
Please see this IRS document for more information:
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