Claiming a tax deduction for your IRA contribution
This page should be used as a reference for IRA deduction limits. For IRA contribution limits see our IRA contribution limits and Eligibility see our IRA contribution limits page here. This information was gathered directly from www.irs.gov
Roth IRAs aren’t deductible. Your traditional IRA contributions may or may not be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. See the tables below to determine if your IRA contributions are eligible for a full, partial or no tax deduction.
2013 IRA Deduction Limits – 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 … |
| $59,000 or less | a full deduction up to the amount of your contribution limit. | |||
| single or head of household | more than $59,000 but less than $69,000 | a partial deduction. | ||
| $69,000 or more | no deduction. |
-
| $95,000 or less | a full deduction up to the amount of your contribution limit. | |||
| married filing jointly or qualifying widow(er) | more than $95,000 but less than $115,000 | a partial deduction. | ||
| $115,000 or more | no deduction. |
-
| less than $10,000 | a full deduction up to the amount of your contribution limit. | |||
| married filing seperately |
||||
| more than $10,000 | a partial deduction. | |||
-
2013 IRA Deduction Limits – if You Are NOT 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 … |
| 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. |
-
|
|
$178,000 or less |
|
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 | more than $178,000 but less than $188,000 | a partial deduction. | ||
| $188,000 or more | no deduction. |
-
|
|
$178,000 or less |
|
a full deduction up to the amount of your contribution limit. | |
| married filing separately with a spouse who is covered by a plan at work | ||||
| $188,000 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.
