Traditional IRAs

If you’re under age 70½, and have earned income, in 2016 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 (2016) Tax Deduction
No Any Amount Full
Yes Under $61,000 Full
$61,000 to $71,000 Partial
$71,001 or more None

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

Employer Retirement Plan? Modified AGI (2016) Tax Deduction
No, neither spouse Any Amount Full
Yes, both spouses covered Under $98,000 Full
$98,000 to $118,000 Partial
$118,001 or more None
Yes, one spouse covered;
contribution for covered spouse
Under $98,000 Full
$98,000 to $118,000 Partial
$118,001 or more None
Yes, one spouse covered;
contribution for non-covered spouse
Under $184,000 Full
$184,000 to $194,000 Partial
$194,001 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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