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

Yes, see the IRS link for more information.

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

goodglarp

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

KrisD15

You got this!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do you have an Intuit account?