Traditional IRA Contributions
If you file taxes jointly, you may make a fully deductible contribution if your adjusted gross income (AGI) is below $90,000. The tax deductibility of your contribution will be phased out if your income is between $90,000 and $110,000. For incomes beyond $110,000 the tax deduction is disallowed.
If you file jointly, and your spouse has access to an employer plan, then the AGI range for phase-out is $169,000 to $179,000
The phase-out AGI range for single or head-of-household filers is between $56,000 and $66,000, and for married-filing separately, the phase-out begins below $10,000.
Roth IRA Contributions
Income earners who file single returns can make a Roth IRA contribution if their AGI is no more than $107,000. Contributions are not allowed for single filers who make more than $122,000, and the contribution limit is phased out for AGIs that fall in between.
For joint filers, the income range is $169,000 and $179,000, below which a full contribution can be made, and above which contributions are not allowed.
IRA Catch-Up Contribution
SIMPLE IRA Contributions
Generally, IRA contribution limits are subject to change each year based on year-over-year changes in the cost-of-living indexes. With the cost of living remaining relatively flat over the last few years, we haven’t seen any increases in the contributions limits. However, we have seen upward adjustments made in the AGI limits for contribution eligibility.