IRA Contribution Deductibility

Do you or your spouse have a workplace retirement plan?Ifso,being an active participant in that plan may affect your ability to deduct contributions to your traditional IRA.

The following chart illustrates the IRA deduction phase out thresholds for 2014 if you (or your spouse) are covered by a workplace retirement plan:

Filing Status MAGI DeductionPermitted
Single $60,000 or less 100%
$60,000 to$70,000 Partial
$70,000 or more None
Married, filing jointly, active participant $96,000 or less 100%
$96,000 to$116,000 Partial
$116,000 or more None
Married, filing jointly,spouse’s an active participant $181,000 or less 100%
$181,000 to$191,000 Partial
$191,000 or more None
Married, filing separately Less than $10,000 Partial
$10,000 ormore None

*Please Note:Roth IRA contributions are never deductible.

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