Whether or not you or your spouse can make a Deductible IRA Contribution depends on your joint Modified Adjusted Gross Income (MAGI) and whether or not you and/or your spouse are "covered" by an Employer-Sponsored Retirement Plan (Retirement Plan Box Checked on Line 13 of your Form W2).
Note: Your MAGI includes all of your income, not just your wages.
If neither of
you are covered by an Employer-Sponsored
Retirement Plan there are no limits
on your MAGI for Deductible Traditional IRA Contributions.
If only you OR your
spouse is covered by an Employer Sponsored
Retirement Plan, the ability for the non-covered spouse
to make a Deductible IRA Contribution phases out when your
joint MAGI is between
$189,000-$199,000.
If you are both covered by an Employer Sponsored Retirement Plan, the ability to make a Deductible Traditional IRA contribution phases out when your MAGI (Modified Adjusted Gross Income) is between $101,000 and $121,000.
When Married Filing Joint, your ability to make ROTH IRA Contributions, which are not tax deductible, phases out when your MAGI is between $189,000 and $199,000.
You can check out this IRS link for more about these limitations: IRA Limits.
For additional details, you check out the TurboTax FAQ below: https://ttlc.intuit.com/replies/3301534
