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IRA Contribution Limits and Eligibility

Annual IRA Contribution Limit

If you’re eligible, you can contribute up to $5,500 in 2014 and 2015, and if you’re age 50 or older, you can contribute up to $6,500 for each year.  You can make both a Traditional IRA and a Roth IRA contribution in the same year, but the total amount cannot exceed the annual limit.

Individuals and their spouses, if married filing jointly, with earned income are eligible to contribute to a Roth IRA as long as their MAGI meets the following limits:

  • Maximum Roth IRA contribution for 2014: Full contribution if MAGI is less than $114,000 (single) or $181,000 (joint). Partial contribution if MAGI is less than $129,000 (single) or $191,000 (joint).
  • Maximum Roth IRA contribution for 2015: Full contribution if MAGI is less than $116,000 (single) or $183,000 (joint). Partial contribution if MAGI is less than $131,000 (single) or $193,000 (joint). 

Individuals under age 70 1/2 and their spouses, if married, filing jointly, who have earned income are eligible to make Traditional IRA contributions. 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 deduct is based on your Modified Adjusted Gross Income (MAGI) and whether you or your  spouse participates in a retirement plan at work.

The tables below can help you determine whether your IRA contribution is deductible. The IRS provides guidelines about claiming a tax deduction for your Traditional IRA contributions. If you are covered by a retirement plan at work, here is a summary of guidelines and maximum annual contributions:

During the 2014 tax year if you and, if married, your spouse are not covered by an employer sponsored plan:

  • Full deduction regardless of MAGI

During the 2014 tax year, and you are covered by an employer sponsored plan:

  • Fully deductible if MAGI is less than $60,000 (single) or $96,000 (joint)
  • Partially deductible if MAGI is between $60,000 and $70,000 (single) or $96,000 and $116,000 (joint)
  • No deduction if MAGI is over $70,000 (single) or $116,000 (joint)

During the 2014 tax year, one spouse is covered by an employer sponsored plan and one isn’t:

  • Fully deductible if MAGI is less than $181,000 (joint)
  • Partially deductible if MAGI is between $181,000 and $191,000 (joint)
  • No deduction if MAGI is over $191,000

During the 2015 tax year if you and (if married) your spouse are not covered by an employer sponsored plan:

  • Full deduction regardless of MAGI

During the 2015 tax year and you are covered by an employer sponsored plan:

  • Fully deductible if MAGI is less than $61,000 (single) or $98,000 (joint)
  • Partially deductible if MAGI is between $61,000 and $71,000 (single) or $98,000 and $118,000 (joint)
  • No deduction if MAGI is over $71,000 (single) or $118,000 (joint)

During the 2015 tax year, one spouse is covered by an employer sponsored plan and one isn’t:

  • Fully deductible if MAGI is less than $183,000 (joint)
  • Partially deductible if MAGI is between $183,000 and $193,000 (joint)
  • No deduction if MAGI is over $193,000

What is Modified Adjusted Gross Income?

Your Modified Adjusted Gross Income (MAGI) is found by taking your Adjusted Gross Income (AGI) and adding back certain items, such as foreign income, student-loan deductions, or other items determined by the IRS. This amount is used to determine your deductibility for Traditional IRA or eligibility for Roth IRA contributions.