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How Much Can I Deduct for my Traditional IRA Contribution?

Tablet, Smart Phone, other Internet devices

How Much Can I Deduct for my Traditional IRA Contribution?

Postby guest » Wed Mar 02, 2016 3:18 pm

If you were covered by a retirement plan at work:

And your filing status is:

And your MAGI is:

Then you can take:

Single or Head of Household $61,000 or less a full deduction up to your contribution limit
Single or Head of Household More than $61,000 but less than $71,000 a partial deduction
Single or Head of Household $71,000 or more no deduction
Married filing jointly or qualifying widow(er) $98,000 or less a full deduction up to your contribution limit
Married filing jointly or qualifying widow(er) More than $98,000 but less than $118,000 a partial deduction
Married filing jointly or qualifying widow(er) $118,000 or more no deduction
Married filing separately* Less than $10,000 a partial deduction
Married filing separately* $10,000 or more no deduction

*If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined using the Single filing status.

If you were NOT covered by a retirement plan at work:

And your filing status is:

And your MAGI is:

Then you can take:

Single or Head of Household Any amount a full deduction up to your contribution limit
Married filing jointly or separately with a spouse who is NOT covered by a plan at work Any amount a full deduction up to your contribution limit
Married filing jointly or separately with a spouse who IS covered by a plan at work $183,000 or less a full deduction up to your contribution limit
Married filing jointly or separately with a spouse who IS covered by a plan at work More than $183,000 but less than $193,000 a partial deduction
Married filing jointly or separately with a spouse who IS covered by a plan at work $193,000 or more no deduction
Married filing separately* Less than $10,000 a partial deduction
Married filing separately* $10,000 or more no deduction

*If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined using the Single filing status.
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