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?
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Yes, see the IRS link for more information.
(Also TurboTax will tell you if the deduction is, or would be allowed)
Thanks, just wanted to make sure I was understanding this correctly.
You got this!
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