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IRA Deductibility Rules 2007
Traditional IRA deduction rules for 2007:
| Effect of Modified AGI on deduction of your traditional IRA if you
are covered by a retirement plan at work: |
| If you are covered by a retirement plan at work, use this table
to determine if your modified AGI affects the amount of your traditional
IRA deduction. |
| If your filing status is |
AND your modified adjusted gross income (modified
AGI) is.. |
THEN you can take... |
| single or head of household |
$52,000 or less |
a full deduction. |
| more than $52,000 but less than $62,000 |
a partial deduction. |
| $62,000 or more |
no deduction. |
| married filing jointly or
qualifying widow(er) |
$83,000 or less |
a full deduction. |
| more than $83,000 but less than $103,000 |
a partial deduction. |
| $103,000 or more |
no deduction. |
| married filing separately* |
| less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
| * If you did not live with your spouse at any time during the year,
your filing status is considered Single for this purpose (therefore,
your IRA deduction is determined under the "Single" filing status). |
| Effect of Modified AGI on deduction of your traditional IRA 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
traditional IRA deduction. |
| If your filing status is |
And your modified adjusted gross income (modified AGI) is... |
THEN you can take |
| single, head of household, or qualifying widow(er) |
any amount |
a full deduction. |
| married filing jointly or separately with a spouse who
is not covered by a plan at work |
any amount |
a full deduction. |
| married filing jointly with a spouse who is
covered by a plan at work |
$156,000 or less |
a full deduction |
| more than $156,000 but less than $166,000 |
a partial deduction |
| $166,000 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. |
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