Can I Make A Deductible IRA Contribution?

Category: Traditional IRA

© fpPathfinder.com. Not to be reproduced, redistributed, or retransmitted in whole or in part. All rights reserved. Used with permission. Updated 7/1/18. 2018 · can i make a deductible ira contribution? Do you or your spouse have earned income? At the end of this year, will you be at least age 70.5 or older? Are you an active participant in an employer-sponsored retirement plan? Are you an active participant in an employer-sponsored retirement plan? Is your spouse an active participant in an employer sponsored retirement plan? Did you make a full contribution to a Roth IRA? What is your tax filing status? Single Married, Filing Jointly Sorry, you can not make an IRA contribution unless you are under the age 70.5 at the end of the year. Sorry, you are not eligible for an IRA contribution unless you have earned income. You can deduct the full contribution. Sorry, you are not eligible for a full IRA contribution since you have already made a contribution to your Roth IRA. What is your MAGI? What is your MAGI? What is your MAGI? $73,000 or MoreSorry, no deduction is allowed. $63,000 - $73,000A partial deduction is allowed. $63,000 or LessYou can deduct the full contribution. $199,000 or MoreSorry, no deduction is allowed. $189,000 - $199,000A partial deduction is allowed. $189,000 or LessYou can deduct the full contribution. $121,000 or MoreSorry, no deduction is allowed. $101,000 - 121,000A partial deduction is allowed. $101,000 or LessYou can deduct the full contribution. No Yes No Yes No Yes No Yes No Yes No Yes Start Here
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There are many different considerations that affect one’s ability to contribute to a Traditional IRA. To make matters worse, the contribution limits usually change from one year to the next.

To help make this easier, we have created the ”Can I Make A Deductible IRA Contribution” flowchart. It addresses common issues regarding eligibility rules for Traditional and Roth IRAs:

  • Earned income phase-out ranges for 2018
  • Contributions after age 70.5
  • Single vs Married Filing Jointly
  • Impact of contributing to a Traditional IRA in the same year

Updated for 2018