My wife is a W2 wage earner and has a 401K. I am self employed, with no other retirement plan. Can I make and new IRA contribution and take an IRA deduction?

[Phillip1 · Accepted solution]

You can make an IRA contribution if your modified adjusted gross income is within certain limits:

The income limits for a married taxpayer who files married filing jointly who is not covered by a retirement plan at work with a spouse who is covered by a retirement plan at work is between 184,000 dollars and 194,000 dollars. If your income is less than 184,000 dollars, the full contribution is deductible. If your income is between 184,000 and 194,000 dollars, a limited contribution deduction is available. If your income is more than 194,000 dollars, no contribution deduction can be taken.