Married, filing joint, both over 50, checking IRA contribution limits: AGI is 172,412, MAGI wks indicates MAGI is 144,543 (is that possible?) How much can we contribute?

[DanaB]

To a Roth IRA or traditional IRA?

[dvbrand]

Both; want to put 6500 in Roth for him, 1000 in Roth + 5500 in Trad for her.  Is that OK?  Also, is it OK for MAGI to be less than AGI?

[DanaB · Accepted solution]

Yes, that should be ok. For the Roth as long as your MAGI is < $189,000 then you can contribute up to the max limit, $6,500 in your case.  For the traditional IRA, you can contribute the $5,500 but if you were covered by retirement plans at work your deduction might be limited. Please see below:

• IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
• IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018 (deduction is limited only if your spouse IS covered by a retirement plan)