What is the MAGI limit traditional IRA deduct-ability for married filing jointly when only one spouse had a retirement plan for part of the year?

Facts: Only Spouse had income from work. My income was from pension and investments including RMD from a traditional IRA.  Turbo Tax suggested after doing it's review that taxes could be reduced if spouse contributed $6,500 to a traditional IRA..  Spouse did so and now Turbo Tax says our joint MAGI is too high to deduct the contribution.  In the help it indicates the MAGI limit is higher when only one spouse had a retirement plan at work., but it does not say what the increased limit is.  What is the limit in this fact situation?  Having already contributed $6,500 to a traditional IRA - if the amount is nondeductible would it be better to convert that $6500 to a Roth IRA?

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community