Internal Revenue Service United States Department of the Treasury
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What's New This Year


IRAs and Other Retirement Plans

Modified Adjusted Gross Income (AGI) Limit

For 2015, the maximum IRA deduction will remain at $5,500 ($6,500 if age 50 or older). 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:

  • More than $98,000 but less than $118,000 for Married Filing Jointly taxpayers or Qualifying Widow(er) if both spouses are covered by a retirement plan
  • More than $61,000 but less than $71,000 for a Single or Head of Household or
  • Less than $10,000 for Married Filing Separately

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 $183,000 and $193,000.

The AGI phase-out range for taxpayers making contributions to a Roth IRA is:

  • $183,000 to $193,000 for married couples filing jointly
  • $116,000 to $131,000 for singles and heads of household
  • $0 to $10,000 for a married individual filing a separate return