IRAs and Other Retirement Plans
Modified Adjusted Gross Income (AGI) Limit
For 2014, the maximum IRA deduction increased to $5,500 ($6,500 if age 50 or older). The additional catch-up contribution for individuals aged 50 and over remains $1,000. If a taxpayer is covered by a retirement plan at work, the deduction for contributions to a traditional IRA is reduced (phased out) if the modified AGI is:
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple's income is between $181,000 and $191,000.
The AGI phase-out range for taxpayers making contributions to a Roth IRA is: