I am using the IRA Calculator from one of the main tax software. Link here
After I put the information of my spouse and I, it comes out saying that there is no marginal tax saving for neither of us. I need to understand what is excluding us from getting the benefit of opening an IRA account.
We are both eligible in using the 401K in our jobs, but she is not using it at all, and I have not max mine this year.
Any ideas of what could be discarding us?
Additions: I am married filling jointly.
Guys thanks for your help. What is the difference between these two statements:
A married person who actively participates in an employer-sponsored retirement plan but whose spouse does not, provided the couple files jointly and has AGI below $109,000 for 2010, subject to phase-out rules starting at $89,000.
A married person who does not actively participate in an employer-sponsored retirement plan but whose spouse actively participates in such a plan, provided the couple files jointly and has joint AGI below $177,000 (subject to phase-out rules starting at $167,000).
These were provided by Vitalik, on the link.