2011 IRA reminder: How Much Can You Deduct?

 

 

Kindly reminder:  2011 IRA Contribution Deadline is April 17, 2012.

How Much Can You Deduct? 

 

If you are single or married filing jointly, and neither you nor your spouse is covered by a company retirement plan, your contribution may be completely deductible.  If you or your spouse is enrolled in a company retirement plan, a full deduction is allowed for incomes equal to or below the first of the two numbers shown on the chart. No deduction is allowed for incomes equal to or greater than the second number shown. In the range between the numbers, the maximum deductible amount phases out. If you are covered by a qualified retirement plan but your spouse isn't, your spouse is governed by different AGI limits. Keep in mind that these income levels are subject to change. Check with your tax advisor to be sure you have the most current information.  Year Joint Returns (AGI) Single Returns (AGI) 2011 $90,000-110,000 $56,000-66,000 2012 $92,000-112,000 $58,000-68,000

 

for details info, please refer IRA Deduction Worksheet on page 30-31 of 1040 instruction:

http://www.irs.gov/pub/irs-pdf/i1040gi.pdf

 

What type of IRA is right for you?  

https://www.fidelity.com/retirement/learn-about-iras/convert-to-roth

 

 

 

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