You'll need to sign in or create an account to connect with an expert.
Since you have a retirement plan at work, if you file as married-joint, your contribution is limited if you earn between $126,000 and $146,000 and eliminated in 2025 once your income is over $146,000. Otherwise you can contribute up to $7,000 for you and your spouse individually if under age 50, and $8,000 if over that. You can learn more in IRS Pub 590-A.
ThomasM25's reply confuses the limit on deductibility of a traditional IRA contribution with eligibility to contribute to a traditional IRA. Neither your contribution nor your wife's contribution amount is limited by participating in a workplace retirement plan. What may be limited is the amount of that contribution that is deductible.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Not applicable
carolinatbr16
New Member
hquist14
New Member
sebastiansalasg
New Member
Kelchambers90
New Member