Hi,
I need some clarifications on whether or not I am allowed to deduct IRA contributions for 2016. My wife & I were both laid off as of 04/01. Prior to 04/01 we both had employer offered 401(k)s which we contributed a combined $9000.
The information I can find on the IRA website states that over $118,000 MAGI & covered by employees retirement plan IRAs are not deductible, however, it doesn't state what happens when you're covered for a partial year.
We expect our MAGI to be around $130,000.