IRA contributions

[tmolin]

I contribute to company 401k.  My wife does not contribute to her company 401k.  Can we contribute to a traditional IRA in 2024?  If so, how much?

[DaveF1006]

Yes, but there are income limits that dictate how much you can contribute and take the contribution deduction.. If your combined income is $123,000 or less, then you can take the full contribution limit depending on your age. Your wife may do the same. 

The contribution limit is $7000 per spouse if both of you are under age 50.  If over 50, it is $8000. If your combined  income is $123,000-$143,000, there is a partial deduction you may make. Over $143,000, there is no deduction. 

Keep in mind, you may both contribute to a IRA up to the contribution limits but if these are over the income limits, the amounts contributed become non-deductible contributions. 

Here is a link that substantiates what I have just mentioned.  

2024 IRA Deduction and  Income Limits if Covered by a Retirement plan at Work