IRA deduction
Married filing Joint. AGI is 182,000.
wife has retirement plan through work.
husband has no retirement plan and is self employed.
Husband can contribute to IRA and receive deduction.
Wife can NOT receive a deduction for IRA contribution, correct?
Permalink Submitted by Alan - IRA critic on Tue, 2023-03-28 14:52
Correct, except that modified AGI is the income figure, which is AGI adjusted upward by backing out some deductions or exclusions. For many, MAGI is the same as AGI but for others it’s higher. In this case, the wife should make a Roth contribution since that is preferable to a non deductible TIRA contribution.