What are the income limitations for IRA contributions?

Roth IRA Contributions

Your modified adjusted gross income (MAGI) determines whether you are eligible to make a contribution to a Roth IRA. MAGI limits are subject to adjustment annually by the IRS. The following are the MAGI limits and corresponding allowed contributions for 2019.

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If your MAGI falls into the ‘partial’ range, a special calculation needs to be done to determine how much you are eligible to contribute. Visit the IRS website for guidance on calculating partial contributions to a Roth IRA.

Traditional IRA Contributions Under an Employer-Sponsored Retirement Plan 

If you receive contributions or benefits under a retirement plan offered by your employer, or you are married to someone who does, your eligibility to deduct contributions to your Traditional IRA is determined by your MAGI and your tax filing status. The following are the MAGI that apply to each tax filing status for 2019.

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If your MAGI falls into the partial deduction range, a special calculation needs to be done to determine how much you are eligible to deduct. Consult your accountant or tax advisor to determine how much of your traditional IRA contribution is deductible, or see IRS publication 590-A for more information about contributions to traditional IRAs.

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