Traditional IRA Deduction Amounts
If you participate in your employer's retirement plan, your deduction for contributions
to a traditional IRA may be limited, depending on the amount of your modified AGI. Check
the list below for the limitations that apply to you:
2007 IRA Deductions - Covered by a retirement plan at work
2007 IRA Deductions - Not covered by a retirement plan at work
2008 IRA Deductions - Covered by a retirement plan at work
2008 IRA Deductions - Not covered by a retirement plan at work
2007 IRA Deductions - Covered by a retirement plan at work 2007 IRA Deductions - Not covered by a retirement plan at work 2008 IRA Deductions - Covered by a retirement plan at work 2008 IRA Deductions - Not covered by a retirement plan at work2007 Traditional IRA Deductions |
|||||
If your modified AGI is: |
If you are covered by a retirement plan at work and your filing status is: |
||||
|
Single or Head of Household, you can take: |
Married Filing Jointly* or Qualifying Widow(er), you can take: |
Married Filing Separately,** you can take: |
||
|
Full deduction |
Full deduction |
Deduction may be limited |
||
|
Full deduction |
Full deduction |
No deduction |
||
|
Deduction may be limited |
Full deduction |
No deduction |
||
|
No deduction |
Full deduction |
No deduction |
||
|
No deduction |
Deduction may be limited |
No deduction |
||
|
No deduction |
No deduction |
No deduction |
||
*Even if your spouse is not covered by a plan at work.
**If you did not live with your spouse at any time during the year, use the Single column to determine your IRA deduction.
**If you did not live with your spouse at any time during the year, use the Single column to determine your IRA deduction.
2007 Traditional IRA Deductions |
||||||
If your modified AGI is: |
If you are NOT covered by a retirement plan at work and your filing status is: |
|||||
|
Married Filing Jointly,* you can take: |
Single or Head of Household, you can take: |
Married Filing Jointly or Separately** or Qualifying Widow(er), you can take: |
Married Filing Separately,*** you can take: |
||
|
Full deduction |
Full deduction |
Full deduction |
Deduction may be limited |
||
|
Full deduction |
Full deduction |
Full deduction |
No deduction |
||
|
Deduction may be limited |
Full deduction |
Full deduction |
No deduction |
||
|
No deduction |
Full deduction |
Full deduction |
No deduction |
||
*Use this column if your spouse is covered by a plan at work.
**Use this column if your spouse is not covered by a plan at work.
***Use this column if your spouse is covered by a plan at work. You are entitled to the full deduction if you did not live with your spouse at any time during the year.
**Use this column if your spouse is not covered by a plan at work.
***Use this column if your spouse is covered by a plan at work. You are entitled to the full deduction if you did not live with your spouse at any time during the year.
Please Note: The partial deduction has a $200 floor. For example, if
your deduction would have been reduced to less than $200 but more than zero, you
can deduct contributions up to $200 or 100% of your taxable compensation,
whichever is less. If the deduction is completely phased out (reduced to zero), no
deduction is allowed.
2008 Traditional IRA Deductions |
|||||
If your modified AGI is: |
If you are covered by a retirement plan at work and your filing status is: |
||||
|
Single or Head of Household, you can take: |
Married Filing Jointly* or Qualifying Widow(er), you can take: |
Married Filing Separately,** you can take: |
||
|
Full deduction |
Full deduction |
Deduction may be limited |
||
|
Full deduction |
Full deduction |
No deduction |
||
|
Deduction may be limited |
Full deduction |
No deduction |
||
|
No deduction |
Full deduction |
No deduction |
||
|
No deduction |
Deduction may be limited |
No deduction |
||
|
No deduction |
No deduction |
No deduction |
||
*Even if your spouse is not covered by a plan at work.
**If you did not live with your spouse at any time during the year, use the Single column to determine your IRA deduction.
**If you did not live with your spouse at any time during the year, use the Single column to determine your IRA deduction.
2008 Traditional IRA Deductions |
||||||
If your modified AGI is: |
If you are NOT covered by a retirement plan at work and your filing status is: |
|||||
|
Married Filing Jointly,* you can take: |
Single or Head of Household, you can take: |
Married Filing Jointly or Separately** or Qualifying Widow(er), you can take: |
Married Filing Separately,*** you can take: |
||
|
Full deduction |
Full deduction |
Full deduction |
Deduction may be limited |
||
|
Full deduction |
Full deduction |
Full deduction |
No deduction |
||
|
Deduction may be limited |
Full deduction |
Full deduction |
No deduction |
||
|
No deduction |
Full deduction |
Full deduction |
No deduction |
||
*Use this column if your spouse is covered by a plan at work.
**Use this column if your spouse is not covered by a plan at work.
***Use this column if your spouse is covered by a plan at work. You are entitled to the full deduction if you did not live with your spouse at any time during the year.
**Use this column if your spouse is not covered by a plan at work.
***Use this column if your spouse is covered by a plan at work. You are entitled to the full deduction if you did not live with your spouse at any time during the year.
Please Note: The partial deduction has a $200 floor. For example, if
your deduction would have been reduced to less than $200 but more than zero, you
can deduct contributions up to $200 or 100% of your taxable compensation,
whichever is less. If the deduction is completely phased out (reduced to zero), no
deduction is allowed.