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Level 4

Question

tax deduction

Forum|Forum|4 years ago
April 10, 2022
1 reply
0 views

I am preparing my married filing jointly tax for 2021, using TurboTax. I am retired and my wife still work and covered by a 401K plan at work. Can we contribute to our Traditional IRAs? Do we have any limit to our Modified Adjusted Gross Income? Do we eligible for a tax deduction?

Level 15

Since your spouse has earned income, you can contribute to Traditional IRAs. There is an income limit imposed to be eligible to make a deductible contribution since your spouse is covered by a retirement plan at work. Therefore, you may or may not be eligible for a tax deduction depending on the total income on your return.

See the following TurboTax help article for more details and income limits:

How much of my Traditional IRA contribution is deductible in 2021?

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maury2Author

Level 4

Fantastic, I got answer before I send question!!! 😀