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Level 3
posted Apr 13, 2024 6:39:23 PM

Clarification on IRA contributions

Married filing jointly, modified AGI is less than $218k, over 50 years of age.

I have a 401(k) through my employer that I contributed to over the year.

My wife works but does not have any retirement plan through her employer.

She can make a contribution to our traditional IRA up to $7500 and a full deduction is possible. Is this correct?

 

0 3 6295
3 Replies
Expert Alumni
Apr 13, 2024 6:49:23 PM

Yes, see the IRS link for more information. 

(Also TurboTax will tell you if the deduction is, or would be allowed) 

Level 3
Apr 13, 2024 6:50:51 PM

Thanks, just wanted to make sure I was understanding this correctly.

Expert Alumni
Apr 13, 2024 6:53:04 PM

You got this!