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Traditional IRA Deductibility 2008

Last Updated March 30, 2009

 Traditional IRA Deductibility – For Tax Year 2008
Notes:
  • 100% means $5,000, unless the individual will be at least age 50 by 12/31/2008, in which case it means $6,000.
 
  • For individuals who are eligible for partial contributions, a formula must be used to determine the amount that the individual is eligible to contribute
Tax-Filing Status
MAGI
Allowed Deduction Percentage Amount
Single
$53,000 or less
100%
$53,000 - $63,000
Partial
$63,000 or more
None
Married filing jointly. Person making contribution is an active participant
$85,000 or less
100%
$85,000- $105,000
Partial
$105,000 or more
None
Married filing jointly. Person making contribution is not an active participant, but is married to an active participant
$159,000 or less
100%
$159,000- $169,000
Partial
$169,000 or more
None
Married filing separately
Less than $10,000
Partial
$10,000 or more
None
Note: The chart should be read from the perspective of the person for whom the contribution is being made. For instance, if you are making the contribution and your status is married filing jointly, you would say “, I am married, and I am an active participant, so the $85,000 to $105,000 range would apply to me” or “I am married, and while I am not an active participant, I am married to an active participant, so the $159,000 to $169,000 range would apply to me”.
Regular contribution limit
$5,000
Catch-up contribution limit
$1,000
Contribution deadline
April 15, 2009
Age Limitation
No contributions are allowed for the year the taxpayer attains age 70 ½ and later.

For more on deducting IRA contributions, see the article Active Participant Status–Can You Deduct Your IRA Contribution?