There are no income limits on a Traditional IRA, but some of your contributions may not be tax-deductible.
Again, you can always contribute at least $ 6,500 to a self-directed IRA if you have that much earned income. How much you can write off on your taxes depends on your income and if you have a retirement plan at work.
If you are covered by a retirement plan at work:
|
If Your Filing Status Is... |
And Your Modified AGI Is... | Then You Can Take... |
|---|---|---|
| single or head of household |
$73,000 or less |
is a full deduction up to the amount of your contribution limit. |
|
more than $73,000 but less than $83,000 |
a partial deduction. |
|
|
$83,000 or more |
no deduction. |
|
| married filing jointly or qualifying widow(er) |
$116,000 or less |
is a full deduction up to the amount of your contribution limit. |
|
more than $116,000 but less than $136,000 |
a partial deduction. |
|
|
$136,000 or more |
no deduction. |
|
| married filing separately |
less than $10,000 |
a partial deduction. |
|
$10,000 or more |
no deduction. |
If you are not covered by a retirement plan at work:
|
If Your Filing Status Is... |
And Your Modified AGI Is... | Then You Can Take... |
|---|---|---|
| single, head of household, or qualifying widow(er) |
any amount |
a full deduction up to the amount of 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 the amount of your contribution limit. |
| married filing jointly with a spouse who is covered by a plan at work |
$218,000 or less |
is a full deduction up to the amount of your contribution limit. |
|
more than $218,000 but less than $228,000 |
a partial deduction. |
|
|
$228,000 or more |
no deduction. |
|
| married filing separately with a spouse who is covered by a plan at work |
less than $10,000 |
a partial deduction. |
|
$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 under the "Single" filing status.
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