Mutual Fund Resource Center

Planning for Retirement


IRA Limits and Deductibility

ANNUAL CONTRIBUTION LIMITS

The maximum regular contribution per individual for Traditional and Roth IRAs is the lesser of the annual contribution limit or 100% of earned income. "Catch-up" contributions can be made by IRA owners age 50 or older once they have reached their maximum regular contribution.

Annual Contribution Limits:

Year Limit Catch-Up
2019 $6,000 $1,000
2020 $6,000 $1,000
2021 $6,000 $1,000
Note: The limits above are contribution limits only. To open an IRA at Guggenheim Investments, the account must have a minimum initial balance of $5,000.

TRADITIONAL IRA DEDUCTIBILITY CHARTS FOR TAX YEAR 2021

IF YOU ARE  COVERED BY A RETIREMENT PLAN AT WORK
If your filing status is... And your MAGI is... Then you can take...
Single $66K or less a full deduction.
more than $66K but less than $76K a partial deduction.
$76K or more no deduction.
Married filing jointly $105K or less a full deduction.
more than $105K but less than $125K a partial deduction.
$125K or more no deduction.
Married filing separately less than $10K a partial deduction.
$10K or more no deduction.
 
IF YOU ARE NOT  COVERED BY A RETIREMENT PLAN AT WORK
If your filing status is... And your MAGI is... Then you can take...
Single any amount a full deduction.
Married filing jointly 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 $198K or less a full deduction.
more than $198K but less than $208K a partial deduction.
$208K or more no deduction.
Married filing separately with a spouse who IS covered by a plan at work less than $10K a partial deduction.
$10K or more no deduction.

ROTH IRA ELIGIBILITY CHART FOR TAX YEAR 2021

If your filing status is... And your MAGI is... Then you can...
Single less than $125K make a full contribution.
$125K to less than $140K make a reduced contribution.
$140K or more not contribute.
Married filing jointly less than $198K make a full contribution.
$198K to less than $208K make a reduced contribution.
$208K or more not contribute.
Married filing separately less than $10K make a reduced contribution.
$10K or more not contribute.
 

Resources

2021 IRA Deduction Limits - Effect of Modified AGI on Deduction if you are covered by a retirement plan at work

2021 IRA Deduction Limits - Effect of Modified AGI on deduction if you are NOT covered by a retirement plan at work

Amount of Roth IRA Contributions That You Can Make For 2021

This information does not constitute tax advice. Please consult your tax advisor and/or state and local tax offices for more complete information.



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