Help with IRA contributions.

[Lone-star]

Hello all, new to the site have been reading the wikis but still not clear about some topics, any help would be appreciated.

My income for 2012 was ~200k. I have a wife who did not work last year. Neither of us were eligible for an employer sponsored plan last year (though I will be this year). Income will be going up significantly over the next several years. My question, at my income level am I still able to make tax-deductible traditional IRA contributions for myself and my wife for 2012 and is that the best option for me? I currently have no IRA accounts (just finished training and have been attacking student loans rather than investing).

Thanks in advance.

[jasc15]

This link should answer the first part of your question your question. It is for 2011, but should be close to the 2012 numbers. It doesnt appear that you are eligible for deductible IRA contributions

http://www.irs.gov/publications/p590/ch ... 1000230549


(Someone correct me if I am wrong. im pretty new to this too.)

[linuxuser]

2012 info http://www.irs.gov/Retirement-Plans/Pla ... an-at-Work

[kaneohe]

linuxuser has a better table that covers the OP's situation where neither has a plan at work.