Can my spouse and I deduct an IRA contribution?

  1. Yes, if you or your spouse are not “covered” by a workplace retirement plan.
    1. Look at Box 13 on the Form W-2 you receive from your employer for a check mark in the “Retirement plan” box. If it’s checked, your IRA contribution may be limited. If you are still not certain, check with your (or your spouse’s) employer.
  2. Maybe. If you or your spouse are “covered” by a workplace retirement plan, there are limits on how much of your IRA contribution can be deducted.
    1. Check Box 13 on Form W-2
  3. If you or your spouse are “covered” by a workplace retirement plan, the amount you can deduct depends on your filing status and the amount of your “modified adjusted gross income” or MAGI:
    1. Filing Single or Head of Household
      1. Your MAGI is $61,000 or less: full deduction
      2. Your MAGI is more than $61,000 but less that $71,000: partial deduction
      3. Your MAGI is $71,000 or more: no deduction
    2. Married Filing Jointly or Qualifying Widow(er)
      1. Your MAGI is $98,000 or less: full deduction
      2. Your MAGI is more than $98,000 but less than $118,000: partial deduction
      3. Your MAGI is $118,000 or more: no deduction
    3. Married Filing Separately
      1. Your MAGI is $10,000 or less: partial deduction
      2. Your MAGI is $10,000 or more: no deduction