What is the income limit for getting a tax deduction on my contribution to a traditional IRA?
If you are not an active participant in a retirement plan at work, such as a 401(k), you may deduct your entire traditional IRA contribution regardless of your income. If your employer offers a plan but you do not contribute to it, you may still be considered an active participant. For more information on what it means to be an active participant, see the question I don’t contribute to my employer-sponsored retirement plan, Could I still be considered an “active participant”? or check with your employer. If you are an active participant in a retirement plan at work, you may still contribute up to $3,000 in 2002 to a traditional IRA (or $3,500 if you are 50 or older) but the contributions may not be fully deductible. Here are the income levels for making a tax-deductible contribution to a traditional IRA if you do contribute to an employer-sponsored retirement plan. (The figures represent modified adjusted gross income, or MAGI.) Deductions are phased out if income is in the indicated r
Related Questions
- What if my income ends up exceeding the $100,000 limit to be eligible to convert my traditional IRA to a Roth IRA, and I have already converted to a Roth IRA?
- What is the contribution limit if I have two Traditional IRAs or if I have both a Traditional IRA and a Roth IRA?
- What is the income limit for getting a tax deduction on my contribution to a traditional IRA?
