Traditional (Pre-Tax)

Can I get a tax deduction from my Traditional IRA contribution?

There are no income limits on a traditional IRA, but some of your contributions may not be tax-deductible.

 

Again, you can always contribute at least $6000 to a Self-Directed IRA if you have that much earned income. How much you can write off on your taxes depends on your income and if you have a retirement plan at work. 

If you are covered by a retirement plan at work

If Your Filing Status Is...

And Your Modified AGI Is... Then You Can Take...
single or
head of household

$64,000 or less

a full deduction up to the amount of your contribution limit.

more than $64,000 but less than $74,000

a partial deduction.

$74,000 or more

no deduction.

married filing jointly or qualifying widow(er)

$103,000 or less

a full deduction up to the amount of your contribution limit.

more than $103,000 but less than $123,000

a partial deduction.

$123,000 or more

 no deduction.

married filing separately

less than $10,000

 a partial deduction.

$10,000 or more

 no deduction.

 If you are not covered by a retirement plan at work

 

If Your Filing Status Is...

And Your Modified AGI Is... Then You Can Take...
singlehead of householdor qualifying widow(er)

any amount

a full deduction up to the amount of your contribution limit.

married filing jointly or separately with a spouse who is not covered by a plan at work

 any amount

a full deduction up to the amount of your contribution limit.

married filing jointly with a spouse who is covered by a plan at work

$193,000 or less

a full deduction up to the amount of your contribution limit.

more than $193,000 but less than $203,000

a partial deduction.

$203,000 or more

no deduction.

married filing separately with a spouse who is covered by a plan at work

less than $10,000

a partial deduction.

$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.