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Ira contribution limits: When I search for this, I am given a table that reads "partial deduction", but nothing says what the amount is.

These answers did not help. One said "Turbo Tax will calculate this for you." Thanks, but I need to see the table so I can plan for 2019. 

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Level 14

Ira contribution limits: When I search for this, I am given a table that reads "partial deduction", but nothing says what the amount is.

Only contributions to a traditional IRA can be deducted on your return.  For 2018 the most that can be contributed to a traditional IRA is the smaller of:

  • $5,500 ($6,500 if you are age 50 or older); or
  • your taxable compensation.

In 2019, Traditional and Roth IRA contribution limits will go up by $500 to $6,000 in 2019. The age 50 catch up limit is fixed by law at $1,000 in all years.


Even though you are covered by a retirement plan, you can still contribute to a traditional IRA and get a deduction --  it just may be reduced.

If you are--

Single, and your modified adjusted gross income is:

  • $61,000 or less - You get the full deduction
  • more than $618,000 but less than 71,000 - partial deduction
  • $71,000 or more - no deduction

Married filing joint return, and your modified adjusted gross income is:

  • $98,000 or less  - You get the full deduction
  • more than $98,000 but less than $118,000 - partial deduction
  • $118,000 or more - no deduction

Married filing separately*, and your modified adjusted gross income is:

  • less than $10,000 - partial deduction
  • $10,000 or more - no deduction


[NOTE:  There is no impact on Roth IRA contributions if you are covered by an employer retirement plan.  These contributions, however, are not deductible on your return.]


For 2019, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:

• More than $103,000 but less than $123,000 for a married couple filing a joint return or a qualifying widow(er),

• More than $64,000 but less than $74,000 for a single individual or head of household, or

• Less than $10,000 for a married individual filing a separate return. Modified AGI

 To calculate your reduced IRA deduction, see page 15 of IRS Publication 590-A - Contributions to Individual Retirement Arrangements (IRAs)


For more details on IRAs, please see the following IRS Publications:



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Highlighted
New Member

Ira contribution limits: When I search for this, I am given a table that reads "partial deduction", but nothing says what the amount is.

This still did not answer my question. I can't enter "partial deduction" into my calculator to see how much I can deduct.
Highlighted
Level 14

Ira contribution limits: When I search for this, I am given a table that reads "partial deduction", but nothing says what the amount is.

In my original answer I've attached the IRS worksheet, Figuring Your Reduced IRA Deduction for 2018.  You can open and print the form to calculate your deduction.
I hope this will answer your question.
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