A Traditional IRA contribution is fully deductible if your income is under a certain level or if you (or your spouse) don’t have an employer-sponsored retirement plan. If you (or your spouse) do have a 401(k) or pension plan, the tax-deductible portion of your IRA contribution may be limited.
Use our IRA contribution limit charts below to see how much you can deduct.
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Tax Deductibility of IRA Contributions (Tax Year 2016)
for participants in employer-sponsored retirement plans1 | |||||
| Modified Adjusted Gross Income (MAGI) | Maximum Deduction for 2016 for Those Under Age 50 | Maximum Deduction for 2016 for Those Age 50 and Over | |||
| Single Filers | Married Filing Jointly | Married Filing Separately | |||
| You Participate | Spouse Participates | ||||
| $61,000 & under | $98,000 & under | $184,000 & under | $0 | $5,500 | $6,500 |
| $62,000 | $100,000 | $185,000 | $1,000 | $4,950 | $5,850 |
| $63,000 | $102,000 | $186,000 | $2,000 | $4,400 | $5,200 |
| $64,000 | $104,000 | $187,000 | $3,000 | $3,850 | $4,550 |
| $65,000 | $106,000 | $188,000 | $4,000 | $3,300 | $3,900 |
| $66,000 | $108,000 | $189,000 | $5,000 | $2,750 | $3,250 |
| $67,000 | $110,000 | $190,000 | $6,000 | $2,200 | $2,600 |
| $68,000 | $112,000 | $191,000 | $7,000 | $1,650 | $1,950 |
| $69,000 | $114,000 | $192,000 | $8,000 | $1,100 | $1,300 |
| $70,000 | $116,000 | $193,000 | $9,000 | $550 | $650 |
| $71,000 & over | $118,000 & over | $194,000 & over | $10,000 & over | $0 | $0 |
Tax Deductibility of IRA Contributions (Tax Year 2015)
for participants in employer-sponsored retirement plans1 | |||||
| Modified Adjusted Gross Income (MAGI) | Maximum Deduction for 2015 for Those Under Age 50 | Maximum Deduction for 2015 for Those Age 50 and Over | |||
| Single Filers | Married Filing Jointly | Married Filing Separately | |||
| You Participate | Spouse Participates | ||||
| $61,000 & under | $98,000 & under | $183,000 & under | $0 | $5,500 | $6,500 |
| $62,000 | $100,000 | $184,000 | $1,000 | $4,950 | $5,850 |
| $63,000 | $102,000 | $185,000 | $2,000 | $4,400 | $5,200 |
| $64,000 | $104,000 | $186,000 | $3,000 | $3,850 | $4,550 |
| $65,000 | $106,000 | $187,000 | $4,000 | $3,300 | $3,900 |
| $66,000 | $108,000 | $188,000 | $5,000 | $2,750 | $3,250 |
| $67,000 | $110,000 | $189,000 | $6,000 | $2,200 | $2,600 |
| $68,000 | $112,000 | $190,000 | $7,000 | $1,650 | $1,950 |
| $69,000 | $114,000 | $191,000 | $8,000 | $1,100 | $1,300 |
| $70,000 | $116,000 | $192,000 | $9,000 | $550 | $650 |
| $71,000 & over | $118,000 & over | $193,000 & over | $10,000 & over | $0 | $0 |
1. You may contribute simultaneously to a Traditional IRA and a Roth IRA (subject to eligibility) as long as the total contributed to all (Traditional and/or Roth) IRAs totals no more than $5,500 ($6,500 for those age 50 and over) for tax year 2015 and no more than $5,500 ($6,500 for those age 50 and over) for tax year 2016.
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This tax information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends that you consult with a qualified tax advisor, CPA, financial planner, or investment manager.
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