A Best Online Broker for Trading, Investing & Financial Planning Open an Account Button Contact Us Login Log In Log into

 

Traditional IRA Contribution and Deduction Limits ~ 2014

 

 

Traditional IRA Limits 2014   Traditional IRA Limits 2015   Roth IRA Limits 2014   Roth IRA Limits 2015

 

You may make a contribution for your 2014 Traditional or Roth IRA at any time prior to the 2016 IRS tax filing deadline! (Monday, April 17, 2017) 

 

Learn about Traditional IRAs     2014 Traditional IRA Contribution and Deduction Limits - Effect of Modified AGI on IRA Contributions

 

 

Are you eligible to make a tax deductible IRA contribution?

Find out if you can make a tax deductible contribution to your IRA by based on your personal situation. In addition to the effect of modified AGI on deductible contributions you must consider whether or not either you (or your spouse) are covered by a retirement plan at work, how you file you taxes and more. Be sure to review your personal situation with your tax advisor prior to making any tax related decisions or investments.   

If You ARE Covered by a Retirement Plan at Work

If you are covered by a retirement plan at work, use this table to help determine if your modified AGI affects the amount of your deduction. 

If Your Filing Status Is...

And Your Modified AGI Is... Then You Can Take...
Single or
Head of Household

$60,000 or less

a full deduction up to the amount of your contribution limit

more than $60,000 but less than $70,000

a partial deduction

$70,000 or more

no deduction

Married Filing Jointly or Qualifying Widow(er)

$96,000 or less

a full deduction up to the amount of your contribution limit

 more than $96,000 but less than $116,000

  a partial deduction

 $116,000 or more

 no deduction

Married Filing Separately

 less than $10,000

  a partial deduction

 $10,000 or more

 no deduction

 

If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "single" filing status.     

(View 2015 contribution and deduction limits/information for Traditional IRAs via this link.)
 

 

If You are NOT Covered by a Retirement Plan at Work

If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

If Your Filing Status Is...

And Your Modified AGI Is... Then You Can Take...
Single, Head of Household or Qualifying Widow(er)

 any amount

a full deduction up to the amount of your contribution limit

Married Filing Jointly or Separately with a spouse who is not covered by a plan at work

 any amount

a full deduction up to the amount of your contribution limit

Married Filing Jointly with a spouse who is covered by a plan at work

$181,000 or less

a full deduction up to the amount of your contribution limit

more than $181,000 but less than $191,000

a partial deduction

$191,000 or more

no deduction

Married Filing Separately with a spouse who is covered by a plan at work

 less than $10,000

 a partial deduction

 $10,000 or more

 no deduction

 

If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "single" filing status.    

(View 2013 contribution and deduction limits/information for Traditional IRAs via this link.)
 

Please view IRS Publication 590 for more details and speak with your tax advisor prior to making any decisions.

 

 

 

Traditional IRA Contribution Limits ~ 2014 & 2015

 
You may make an eligible contribution for your 2014 Traditional or Roth IRA at any time prior to the 2014 IRS tax filing deadline which is April 15, 2015. (Your account must be funded or have proof of postmark by this date!)

                       

 

 

Under Age 50  

 

Total

Under Age 50  

 

Over Age 50

Additional 

 Total

Over Age 50

2014* **

$5,500

Catch-up Contribution

$1,000

$6,500

2015* **

$5,500

Catch-up Contribution

$1,000

$6,500

 

                                                                                                                                                                                                                                                                         Source: irs.gov

"Total" means your total contributions to all of your Traditional and Roth IRAs. You cannot exceed the total amount/contribution limit regardless of how many IRAs that you have or the type/types of IRA(s) that you may have.

*Or your taxable compensation for the year.                                                                                                                                                           

** Effective for tax year 2002 and beyond, for participants who are eligible to make an IRA contribution and have attained the age of 50 before the end of the taxable year, the participant can make a "catch-up" contribution in addition to the normal contribution amount as shown in the table above. The catch-up contribution was $500 from 2002-2005. For the year 2006 and beyond, the catch-up contribution limit will be $1000. The maximum contribution cannot exceed 100% of actual compensation.  Learn more about COLA Increases for Dollar Limitations on Benefits and Contributions from the IRS.

 

Please note that the IRA contribution limit does not apply to:

 

Deductibility limits can be confusing and tax laws are frequently changing. It is always best to review your specific situation and/or circumstances with a qualified tax advisor.

 

Open an IRA online or call us at 1-800-50-PLACE or 1-919-719-7200 to speak with an experienced retirement specialist to help you rollover your old retirement account or help you start planning for retirement today!  

 

 

Back to the top: Traditional IRAs

Call us today at 1-800-50-PLACE (1-800-507-5223, 919-719-7200) for more information! 

 

Traditional IRA Contribution and Deduction Limits - 2014

 


 
     

s5box


Learn more about retirement planning by visiting some of the links below:

Roth IRA

SEP IRA

SIMPLE IRA

Traditional IRA

Qualified Plans

Rollover IRAs

Find out how Place Trade can help you get the most out of your college planning by visiting some of the links below:


Coverdell ESA

529 College Savings Plans

UGMA/UTMA Accounts

 

 

 

All investing involves risk, including the possible loss of principal and there can be no assurance that any investment strategy will be successful.