Clarification on IRA contributions

goodglarp · ‎April 13, 2024

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?

KrisD15 · ‎April 13, 2024

Yes, see the IRS link for more information.

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

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goodglarp · ‎April 13, 2024

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

KrisD15 · ‎April 13, 2024

You got this!

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