Q:

What are the income limits for a traditional IRA?

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Quick Answer

The 2015 income limits for a traditional IRA deduction are $71,000 for single or head of household filers, $10,000 for married filing separately and $118,000 for married filing jointly or qualifying widows/widowers, as stated by the Internal Revenue Service. The figures are based on a filer's modified adjusted gross income.

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Full Answer

The IRS guidelines indicate that single and head of household filers can take a full deduction with a modified AGI of $61,000 or less and a partial deduction between $61,001 and $70,999. People who are married filing separately can take a partial deduction with a modified AGI of $9,999 or less. Those married filing jointly or qualifying widow/widowers can take a full deduction with a modified AGI of $98,000 or less and a partial deduction between $98,001 and $117,999.

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