| |
Are your IRA Contributions Tax Deductible?
| Tax Year 2007 |
| Filing Status |
Active Participant in Employer-Sponsored Retirement Plan? |
Adjusted Gross Income |
Tax Deductibility
(of a $5,000 contribution) |
| Single |
No |
Any amount |
Full amount |
| Single |
Yes |
Below $50,000 |
Full amount |
| $50,000 - $60,000 |
Partial |
| Over $60,000 |
No deduction |
| Married |
Both Spouses: No |
Any amount |
Full amount |
| Married |
Yes |
Below $75,000 |
Full amount |
| $75,000 - $85,000 |
Partial |
| Over $85,000 |
No deduction |
*If you are unsure of your participation status, refer to the pension plan box on your W-2 form. If neither you nor your spouse participate in an employer-sponsored retirement plan, you can each make a fully deductible contribution of up to $5,000, provided your combined contribution do not exceed your combined compensation.
| |
|
