topic Turbo tax is allowing my wife to deduct her IRA contribution, but I can't deduct mine because our MAGI is over $121,000. Please help. in Retirement tax questions

Turbo tax is allowing my wife to deduct her IRA contribution, but I can't deduct mine because our MAGI is over $121,000. Please help.

djwiseman — Sat, 01 Jun 2019 15:39:29 GMT

I want to deduct my IRA contribution. I am covered by a retirement plan at work, but my wife isn't. We are married filing jointly. Our MAGI is $122,307. The Turbo Tax instructions say, "If you are not covered by a retirement plan at work but your spouse is you can deduct all of your IRA contribution if your MAGI is $189,000 or less". However, Turbo tax is allowing my wife to deduct her IRA contribution, but I can't deduct mine because our MAGI is over $121,000. Please help.

Your spouse is able to deduct the IRA contribution becaus...

DanaB — Sat, 01 Jun 2019 15:39:30 GMT

Your spouse is able to deduct the IRA contribution because for her the MAGI $189,000 or less applies. For you, since you are covered by a retirement plan at work, the MAGI $101,000 or less applies a full deduction. With a MAGI $121,000 or more there is no deduction.

Please see

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) limits apply in her case

Please keep track of any nondeductible contributions to be able to track the basis you have in the traditional IRA.