We are married and filing jointly but our individual incomes are vastly different. We're looking for ways to reduce our tax burden this year and my spouse is considering starting an IRA.
However I wanted to clarify the MAGI limit such as the one here:
https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...
Is the MAGI limit for our total combined income as we are filing jointly? Or is the MAGI limit for our individual income but based on whether we are filing jointly?
In other words, if our combined income is above the "filing jointly and covered by an employer plan" limit, does that mean neither of us can benefit from an IRA? Or if both of our incomes individually are below the MAGI limit, we could both benefit from an IRA?
