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The maximum amount you and/or your spouse can contribute to an IRA is1:
1 or compensation if less.
2 Age 50 or older.
Deductibility depends on MAGI and whether you or your spouse is covered by an employer-sponsored retirement plan. You must figure your deduction and your spouse's deduction separately. The deduction for contributions to traditional IRAs phases out over the following MAGI levels:
There is no income limit for contributions to a non-deductible traditional IRA.
Eligibility for Roth IRAs is phased out over the following MAGI levels:
The maximum amount you can contribute to an employer-sponsored retirement plan; generally is the lesser of 100% of your salary or:
3Age 50 or older
*Could increase due to inflation adjustment. Source: Internal Revenue Service.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
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