IRA Calculator – Roth and Traditional IRA Contribution Limits – Wells Fargo

1 Your file status is considered single for IRA contribution purposes if you did not hot with your spouse during the tax year. See IRS Pub 501 for more data. Individuals at any long time with gain income, and their non‑working spouse, if filing a joint tax return are eligible to contribute to a Roth IRA arsenic long as their modified adjusted megascopic income ( MAGI ) meets the trace limits : Individuals who have earned income and their non-working spouses, if filing jointly, can contribute to a traditional IRA. With a Traditional IRA, you may be able to deduct your contributions on your taxes, which can help lower your tax bill. Your eligibility to subtract is based on your Modified Adjusted Gross Income ( MAGI ) and whether you and if married, your spouse is covered1 by a workplace retirement design ( WRP ), such as a 401 ( kilobyte ), 403 ( b ), SEP IRA, or SIMPLE IRA. The IRS provides guidelines about claiming a tax tax write-off for your Traditional IRA contributions. The tables below can help you determine whether your Traditional IRA contribution is deductible.

During the 2021 tax year you and, if married, your spouse are not covered by a WRP1:

  • Full deduction regardless of MAGI

During the 2021 tax year and you and, if married, your spouse are covered by a WRP1:

  • Fully deductible if MAGI is less than $66,000 (single) or $105,000 (joint)
  • Partially deductible if MAGI is between $66,000 and $76,000 (single) or $105,000 and $125,000 (joint)
  • No deduction if MAGI is over $76,000 (single) or $125,000 (joint)

During the 2021 tax year, you are covered1 by a WRP and your spouse isn’t, your deduction is:

  • Fully deductible if MAGI is less than $198,000 (joint)
  • Partially deductible if MAGI is between $198,000 and $208,000 (joint)
  • No deduction if MAGI is over $208,000 (joint)

During the 2022 tax year you and, if married, your spouse are not covered by a WRP:

  • Full deduction regardless of MAGI

During the 2022 tax year and you, and if married, your spouse are covered by a WRP:

  • Fully deductible if MAGI is less than $68,000 (single) or $109,000 (joint)
  • Partially deductible if MAGI is between $68,000 and $78,000 (single) or $109,000 and $129,000 (joint)
  • No deduction if MAGI is over $78,000 (single) or $129,000 (joint)

During the 2022 tax year, you are covered by a WRP and your spouse isn’t, your deduction is:

  • Fully deductible if MAGI is less than $204,000 (joint)
  • Partially deductible if MAGI is between $204,000 and $214,000 (joint)
  • No deduction if MAGI is over $214,000 (joint)

During the 2021 and 2022 tax year, you are covered1 by a WRP and married filing separately2:

  • Partially deductible for MAGI up to $10,000
  • No deduction for MAGI more than $10,000

1 The “ Retirement Plan ” box in Box 13 of your W-2 tax shape should be checked if you were covered by a WRP. 2 Your filing condition is considered single for IRA contribution purposes if you did not hot with your spouse during the tax year. See IRS Pub 501 for more data .

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