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Traditional IRA Deductibility – For Tax Year 2008
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Notes:
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Tax-Filing Status
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MAGI
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Allowed Deduction Percentage Amount
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Single
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$53,000 or less
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100%
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$53,000 – $63,000
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Partial
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$63,000 or more
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None
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Married filing jointly. Person making contribution is an active participant
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$85,000 or less
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100%
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$85,000- $105,000
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Partial
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$105,000 or more
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None
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Married filing jointly. Person making contribution is not an active participant, but is married to an active participant
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$159,000 or less
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100%
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$159,000- $169,000
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Partial
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$169,000 or more
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None
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Married filing separately
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Less than $10,000
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Partial
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$10,000 or more
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None
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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”.
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Regular contribution limit
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$5,000
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Catch-up contribution limit
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$1,000
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Contribution deadline
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April 15, 2009
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Age Limitation
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No contributions are allowed for the year the taxpayer attains age 70 ½ and later.
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For more on deducting IRA contributions, see the article Active Participant Status–Can You Deduct Your IRA Contribution?
