Are Traditional IRA contributions tax-deductible?
One of the benefits of contributing to a Traditional IRA is that the contribution may be tax deductible. Whether a contribution or a portion of a contribution is deductible depends on active participation (participating in or receiving contributions) in an employer-sponsored retirement plan, marital status, and modified adjusted gross income (MAGI).
IRA Deductibility Phase-Out Ranges for Active Participants
| 2015 | 2016 | |
| Single Filer | $61,000-$71,000 | $61,000-$71,000 |
| Married Filling a Joint Tax Return | $98,000-$118,000 | $98,000-$118,000 |
| Non-active Participant Married to an Active Participate | $183,000-$193,000 | $184,000-$194,000 |
| Married Filing Separate Tax Return | $0-$10,000 | $0-$10,000 |