Effect of Modified AGI on deduction of your traditional IRA if you are
covered by a retirement plan at work:
| If you are covered by a retirement plan at work, use this table to
determine if your modified AGI affects the amount of your traditional IRA
deduction. |
| If your filing status is |
AND your modified adjusted gross income (modified AGI) is.. |
THEN you can take... |
| single or head of household |
$45,00 or less |
a full deduction. |
| more than $45,00 but less than $55,00 |
a partial deduction. |
| $55,000 or more |
no deduction. |
| married filing jointly or qualifying widow(er) |
$65,000 or less |
a full deduction. |
| more than $65,000 but less than $75,000 |
a partial deduction. |
| $75,000 or more |
no deduction. |
| married filing separately* |
| less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
| * If you did not live with your spouse at any time during the year, your
filing status is considered Single for this purpose (therefore, your IRA
deduction is determined under the "Single" filing status). |
Effect of Modified AGI on deduction of your traditional IRA if you are
NOT covered by a retirement plan at work:
| If you are not covered by a retirement plan at work, use this table to
determine if your modified AGI affects the amount of your traditional IRA
deduction. |
| If your filing status is |
And your modified adjusted gross income (modified AGI) is... |
THEN you can take |
| single, head of household, or qualifying widow(er) |
any amount |
a full deduction. |
| married filing jointly or separately with a spouse who
is not covered by a plan at work |
any amount |
a full deduction. |
| married filing jointly with a spouse who is
covered by a plan at work |
$150,000 or less |
a full deduction |
| more than $150,000 but less than $160,000 |
a partial deduction |
| $160,000 or more |
no deduction. |
| married filing separately with a spouse who is
covered by a plan at work |
less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
For 2008 IRA rules please visit
2008 IRA
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ALL RIGHTS RESERVED
