3645308
TT is recommending traditional IRA contribution to save on taxes. However, the calculator shows we get the tax benefit only if the contribution is in my wife's name. I have an earned income and she doesn't. Appreciate your help understanding why does it matter when we are filing jointly?
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Not sure why I had two accounts but I posted this question on a another account which I won't be using going forward. So, I am responding here just to be able to track the replies here.
It seems you have a retirement plan at work and your income is above the MAGI therefore the deduction of the Traditional IRA contribution is limited for you. But your MAGI isn't above the limit for your spouse to make a deductible Traditional IRA contribution.
Please see IRA deduction if you are covered by a retirement plan at work for your MAGI limit and IRA deduction if you are not covered by a retirement plan at work for your spouse.
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