Individual Retirement Accounts
Generally, contributions are fully deductible unless you or your spouse are covered by a workplace retirement plan, in which case the following deduction phase-outs apply.
| Traditional IRA: Deductability of Contributions | ||
|---|---|---|
| Status | Modified Adjusted Gross Income | Deduction |
| Married Filing Jointly* | $0 – 96,000 96,000 – 116,000 More than 116,000 |
$5,500 Maximum Partial None |
| Single | $0 – 60,000 60,000 – 70,000 More than 70,000 |
$5,500 Maximum Partial None |
| For Noncovered Spouse** | $0 – 181,000 181,000 – 191,000 More than 191,000 |
$5,500 Maximum Partial None |
*If neither individual or spouse is covered by a plan, you can deduct up to $5,500 each or MAGI, whichever is less.
**Applies to individuals whose spouses are covered by a workplace plan but are not covered themselves.
Roth IRA: Eligibility of Contributions
Contributions made to a Roth IRA are not deductible, unlike contributions made to a traditional IRA, and there is no age restriction on making contributions. An individual may contribute up to $5,500 to the Roth IRA, subject to income phase-out limits.
| Status | Adjusted Gross Income | Deduction |
| Married | $0 – 181,000 181,000 – 191,000 More than 191,000 |
$5,500 Maximum Partial None |
| Single | $0 – 114,000 114,000 – 129,000 More than 129,000 |
$5,500 Maximum Partial None |
Catch-Up Contributions
If you have either a traditional or a Roth IRA and attain age 50 or older during the tax year, an additional $1,000 may be contributed.
| IRA & Roth Contribution | ||
|---|---|---|
| Maximum Contribution | Catch-up Contribution | |
| $5,500 | $1,000 | |
The information provided in these web pages is based on internal and external sources believed reliable; however, the accuracy and completeness of the information is not guaranteed and the figures may have changed since the time of printing. Examples are hypothetical illustrations and not intended to reflect the actual performance of any particular security. Please consult your tax advisor for questions relating to your individual situation.