Is "Your" MAGI, "Our" MAGI

Forum|Forum|3 years ago
January 10, 2023
2 replies
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I've searched high and low can't find clarification this. We are married. I made less than $129k, my wife made more. The following excerpt is from a Schwab Q&A.

If you're married filing jointly, the rules are a little more complex. In that case, if you—as the owner of the IRA—have a retirement plan at work, your MAGI must be less than $129,000 to take a full or partial deduction in 2022. Once your MAGI reaches $129,000 or more, you're no longer eligible for the deduction.

But when it refers to "your MAGI," does it mean each of us, or combined?

Not A Product Question

cstan222Author

Level 2

I should add, the guidance goes on to say, "if you don't have a 401k but your spouse does... your MAGI should be less than $214k." But what if you DO have a 401k, per the earlier guidance (suggesting a limit of $129k) but your spouse does NOT. I don't understand how the IRS is parsing out its references to us.

Does it mean, if both of you vs. if one of you, regardless of who?

dmertz

Level 15

There is only one MAGI. On a joint tax return the modified AGI determined from your combined income. That's why the MAGI limits for joint filers are higher than the MAGI limits for single filers.