Bride and I are now retired. Trying to go through the program to see if we are still eligible to contribute to IRA and still be able to deduct the contribution. Program asks whether either of us are covered by retirement plan at work. Neither of us are employed any longer but both were covered by retirement plans at work. Confused as to whether or not we can still deduct for contributions to a traditional IRA. THanks for any help.
Since you were both covered by an Employer Sponsored Retirement Plan in 2018, if you are filing jointly, your ability to make a Deductible IRA Contribution phases out when your Modified Adjusted Gross Income (MAGI) is between $101,000 and $121,000
If your income doesn't exceed $121,000, each of you (under the age of 70 1/2) can include a Deductible IRA Contribution of $5,500 ($6,500 if over age 55). However, this deduction is limited to the amount of earned income (W2) reported on your Tax Return.