The IRS adjusts the contribution limits year to year to accommodate cost-of-living adjustments. There are limits to how much money you can deposit annually into your IRA, and these limits are adjusted for cost-of-living by the IRS.
These limits change at least every few years, so you will want to check the current IRS tables on their website. There are full deduction limits, and there are also limitations that may make some or all of these contributions non-deductible.
As of 2016, if you are under 50 years of age, you can contribute up to $5,500 annually, and if you’re over 50, you can contribute up to $6,500. The extra $1,000 is called a “catch-up” contribution.
If, however, you or your spouse is covered by a qualified plan at work, you may not be able to take the full deduction, or any deduction at all. If you cannot take the deduction, but want to contribute in a non-deductible way, your account can still grow tax-deferred.
The full deduction cannot be taken if you have a qualified plan at work and your income is over $61,000 as a single person, or $98,000 if you are married. If your spouse has a plan at work, you can no longer make a fully-deductible contribution if your joint gross income is over $184,000. But, remember, these last numbers are only the deduction limits, not the contribution limits.
Please note that the limits change year to year and we recommend that you consult a professional tax advisor.
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