2016 Individual Retirement Accounts (IRAs)
Participant of Employer Retirement Plan:
Filing Status 2016 Modifed AGI Deduction
Single or Head of Household $61,000 or less Full up to limit
$61,001 - $71,000 Partial
$71,000 or more No deduction
Joint or Surviving Spouse $98,000 or less Full up to limit
$98,001 - $118,000 Partial
$118,000 or more No deduction
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
Spouse Participates - You Do Not:
Filing Status 2016 Modified AGI Deduction
Married Filing Jointly $184,000 or less Full up to limit
$184,001 - $194,000 Partial
$194,000 or more None
Married Filing Separately less than $10,000 Partial
$10,000 or more No deduction
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.
2016 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
IRA (Traditional & Roth) $5,500 $6,500