If you (or your spouse) have an employer-sponsored retirement plan, the tax-deductible portion of your IRA contribution may be limited.
- Filing Status: Married Filing Jointly - You Participate in a retirement plan at work
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Filing Status: Married Filing Jointly - You Participate in a retirement plan at work
| $116,000 or less |
A full deduction up to the lesser of $6,500 ($7,500 if you're 50 or older) of your taxable compensation |
| Between $116,000 and $136,000 |
A partial deduction based on your MAGI |
| $136,000 or more |
No deduction |
