TIRA deduction phase out

[Frs1661]

I'm MFJ, am covered by a retirement plan at work, and projecting a MAGI of 108k this year.  This puts me in the center of the deduction phase out range for the TIRA this year. I haven't seen a clear resource on how the phase out works.  Does that mean I can contribute 1/2 of the contribution limit (i.e. $2750) to my TIRA and deduct that amount? Or that only half of any contribution is deductible?

My wife is not covered by a retirement plan. Am I right that her full contribution of $5500 remains deductible?

Thanks!

[seattlecyclone]

If you're halfway through the phase-out range that means you can deduct the full amount of a half-sized ($2,750) contribution to a traditional IRA. You can put the other $2,750 into a Roth IRA.

If your wife has no retirement plan available, she can deduct the full $5,500 at your income level.

[Frs1661]

Perfect, thanks for clarifying!

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