How much can I contribute to a Traditional IRA if I'm covered by a retirement plan at work?
For 2011, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced/phased out if your modified Adjusted Gross Income (“AGI”) is:
- More than $89,000 but less than $109,000 for a married couple filing a joint return.
- More than $55,000 but less than $65,000 for a single individual or head of household.
- Less than $10,000 for a married individual filing a separate return.
If you either lived with your spouse or file a joint return and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $166,000 but less than $176,000 or more.
Please contact one of our IRA Experts at 800-472-0646 for more information.