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:
|Single||$60,000 or less||100%|
|$70,000 or more||None|
|Married, filing jointly, active participant||$96,000 or less||100%|
|$116,000 or more||None|
|Married, filing jointly,spouse’s an active participant||$181,000 or less||100%|
|$191,000 or more||None|
|Married, filing separately||Less than $10,000||Partial|
*Please Note:Roth IRA contributions are never deductible.