Traditional IRAs

If you’re under age 70½, and have earned income, in 2013 you can contribute up to $5,500 to a Traditional IRA* ($6,500 if you are age 50 or older). Your contribution is tax deductible depending upon:

• Your income (Modified AGI).
• Your tax filing status (single or married).
• Whether or not you’re covered by an employer-sponsored retirement plan (e.g. 401k).

If you’re single, contributions are deductible as follows:

Employer Retirement Plan?	Modified AGI (2013)	Tax Deduction
No	Any Amount	Full
Yes	Under $59,000	Full
	$59,000 to $68,999	Partial
	$69,000 or more	None

If you’re married, contributions are deductible as follows:

Employer Retirement Plan?	Modified AGI (2013)	Tax Deduction
No, neither spouse	Any Amount	Full
Yes, both spouses covered	Under $95,000	Full
	$95,000 to $114,999	Partial
	$115,000 or more	None
Yes, one spouse covered; contribution for covered spouse	Under $95,000	Full
	$95,000 to $114,999	Partial
	$115,000 or more	None
Yes, one spouse covered; contribution for non-covered spouse	Under $178,000	Full
	$178,000 to $187,999	Partial
	$188,000 or more	None

*Life insurance and annuity products are not available in New York. Refer to our Disclaimer for additional information.

 

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