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- If you are employed by or own a business that offers a 401k or other group retirement plan your ability to deduct IRA contributions will be determined by your income. If your AGI is less than $68,000 for single filer, or $129,000 for joint (2022, indexed for inflation) you are allowed to fully deduct the contribution. Amounts above this will be phased out over the next $10,000- $20,000 of compensation and not allowed for AGI over $78,000 single filer or $129,000 for joint filers.
- Roth IRAs have certain AGI based contribution limits
- General married filing jointly can contribute up to the full $7,500 if their income is less than $218,000 or a reduced amount up to $228,000 at which point the opportunity o contribut is completely phased out.
- For single filers or head of household, these individuals can contribute up to the full $7,500 if their income is less than $138,000 or a reduced amount up to $153,000 at which point the opportunity o contribut is completely phased out.
- For more information please visit: IRS - IRA Contribution Limits
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