tax deduction

[maury2]

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?

[AnnetteB6]

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?

[maury2]

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