Traditional IRA Deduction Limits
You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your traditional IRA.
|Retirement plan at work||Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels.|
No retirement plan at work
Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at work.
2015 IRA Deduction Limits – Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work
If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.
|If Your Filing Status Is…||And Your Modified AGI Is…||Then You Can Take…|
head of household
|$61,000 or less||a full deduction up to the amount of your contribution limit.|
|more than $61,000 but less than $71,000||a partial deduction.|
|$71,000 or more||no deduction.|
|married filing jointly or qualifying widow(er)||$98,000 or less||a full deduction up to the amount of your contribution limit.|
|more than $98,000 but less than $118,000||a partial deduction.|
|$118,000 or more||no deduction.|
|married filing separately||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.|