2016 Traditional IRA Deductions
If you are covered by a retirement plan at work, use this IRS table to determine if you can deduct your 2016 Traditional IRA contribution:
| If Your Filing Status Is… | And Your Modified AGI Is… | Then You Can Take… |
|---|---|---|
| Single, 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. | ||
If you aren’t covered by a retirement plan at work or one isn’t offered, use this IRS table to determine if you can deduct your 2016 Traditional IRA contribution:
| 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 | $184,000 or less | a full deduction up to the amount of your contribution limit. |
| more than $184,000 but less than $194,000 | a partial deduction. | |
| $194,000 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. | ||
Copyright © 2016 by Ed Slott and Company, LLC