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L
Lyn64
Level 2
April 6, 2021
Question

IRA Deductability

  • April 6, 2021
  • 1 reply
  • 0 views

I have earned income and am covered by a plan at work.  Is my unemployed spouse eligible for an IRA contribution deduction since we are Married filing jointly?

    1 reply

    M
    MinhT1
    Level 15
    April 6, 2021

    If you have earned income but your spouse does not, she can contribute to a Spousal IRA based on your earned income.

     

    Please read this IRS document for more information.

     

    However, as you are covered by a retirement plan at work, your spouse's deduction may be limited by your combined MAGI.

     

    Please read this IRS document for more information.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
      L
      Lyn64Author
      Level 2
      April 6, 2021

      It appears we are in excess of the MAGI since I am covered by a 401K, but Turbo Tax is allowing the deduction.

       

      M
      MinhT1
      Level 15
      April 6, 2021

      If you are covered by a 401(k) at work, your form W-2 must be checked in box 13 for retirement plans.

       

      Please verify that you have properly entered that check mark when entering your form W-2. This is how TurboTax knows that you are covered at work.

       

       

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