Limits on Deducting IRA Contributions if You Are Single or Married and Filing Separately
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Limits on Deducting IRA Contributions if You Are Single or Married and Filing Separately
If you are single
In the case of single persons covered by other employer retirement plans, deductibility of IRA contributions is limited by their adjusted gross income. The amount you can deduct is phased out as your AGI climbs above $79,000 for 2025. At $89,000, deductibility drops to $0.
Things To Know
- Learn about your current IRA tax deductibility in this article.
If you are married and filing separately
For a married individual filing separately and where either spouse participates in an employer-sponsored retirement plan, the phase-out begins at $0. So, at $10,000 of income, no deduction is permitted for an IRA contribution.
IRS Publication 590a provides worksheets to help you with your calculations.