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2013 Guide to Traditional IRA Deductions
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| Tax Filing Status |
Do you or your spouse participate in an employer’s retirement plan?1 |
Modified Adjusted Gross Income (AGI) |
Maximum Tax Deduction |
| Single |
No |
No limit |
Full $5,500 (or $6,500 if age 50 or older) |
| Yes |
under $59,000 |
Full $5,500 ($6,500 if age 50 or older) |
| $59,000 to $69,000 |
Partial |
| over $69,000 |
None |
| Joint |
No |
No limit |
Full $5,500 for each spouse ($6,500 if age 50) |
| Yes |
under $95,000 |
Full $5,500 for each spouse ($6,500 if age 50) |
| $95,000 to $115,000 |
Partial for participating spouse(s); full $5,500 for a non-participating spouse ($6,500 if age 50) |
| over $115,000 |
None for participating spouse(s); full or partial for a non-participating spouse if combined AGI is under $188,000 |
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