A:



Visit the Congressional Budget Office's Online Tax Guide, which summarizes IRA contribution limits and phase-out ranges for every year from 1974 onwards.

You may also want to ensure that you file Form 8606 for any year in which you made non-deductible contributions to your Traditional IRA.

For further reading, check out Correcting Ineligible (Excess) IRA Contributions - Part 1 and Part 2.



This question was answered by Denise Appleby
(
Contact Denise)



RELATED FAQS
  1. Am I allowed to adjust my AGI for IRA contributions made in 2015?

    I have made above the $100K and am a single tax payer, my employer does offer a 401k plan. I am a little unclear on ... Read Answer >>
  2. Does the $20,000 distribution count as taxable income?

    I contributed 5500 for myself and my wife for the last two years to a traditional IRA. I didn't get the tax benefit because ... Read Answer >>
  3. I make over $100,000/yr and my adjusted gross income precludes standard IRA contributions. ...

    With an adjusted gross income (AGI) of more than $100,000, only your eligibility to deduct contributions to a Traditional ... Read Answer >>
  4. My spouse has little/no income. Can I contribute to my spouse's IRA?

    Yes. You may make a Traditional IRA contribution to your spouse's Traditional IRA because you have eligible compensation.There ... Read Answer >>
  5. How can I fund A Roth IRA if my income is too high to make direct contributions?

    Roth IRAs are not available to you if you are a high income earner - unless you use the following strategy. Read Answer >>
  6. Can I establish more than one IRA?

    There is no limit on the number of IRAs that you can establish. However, regardless of the number of IRAs you maintain, you ... Read Answer >>
Related Articles
  1. Retirement

    IRA Contribution Limits in 2016

    Find out about the 2016 limits for contributions and income thresholds for individual retirement accounts, including traditional IRAs and Roth IRAs.
  2. Retirement

    Top 10 Mistakes To Avoid On Your IRA

    IRA rules are complicated. It's easy to make mistakes – and they can cost you big time.
  3. Retirement

    Roth IRA Contribution Rules: The Basics

    What you need to know about Roth IRA contributions – from eligibility to dollar limits, deadlines to tax breaks.
  4. Retirement

    Roth IRA Contribution Limits in 2016

    Discover the benefits of Roth IRA accounts and how much you can contribute for your retirement. Learn which IRA plan is best for you.
  5. Retirement

    How To Use Your IRA As A Last-Minute Tax Deduction

    While some people are stressing over their taxes, there is a big advantage to delaying the process: You can maximize your 2014 contributions to your IRA.
  6. Retirement

    These IRA Contributions Will Cut Your 2015 Taxes

    No matter how you save for retirement, take advantage of the time between now and April 15, 2016, to add to your nest egg while cutting your tax bill.
  7. Financial Advisor

    7 Top IRA Strategies for Your Clients

    With IRA season in full swing, advisors should consider these seven strategies for clients.
  8. Retirement

    How Can I Fund A Roth IRA If My Income Is Too High To Make Direct Contributions?

    Some high-income earners are subject to a contribution phase-out schedule that can keep them from contributing directly to their Roth IRAs.
  9. Retirement

    How IRS Form 5498 Helps You

    If you have an IRA, you'll be getting this form. Here's the useful information it contains.
  10. Retirement

    5 Secrets You Didn't Know About Traditional IRAs

    A traditional IRA gives you a current-year tax benefit and future years of tax savings – minus the income restrictions that limit who can have a Roth IRA.
RELATED TERMS
  1. Form 8606

    A tax form distributed by the Internal Revenue Service (IRS) ...
  2. IRS Publication 590: Individual Retirement Arrangements (IRAs)

    A document published by the Internal Revenue Service (IRS) that ...
  3. Traditional IRA

    An individual retirement account (IRA) that allows individuals ...
  4. Individual Retirement Account - IRA

    An investing tool used by individuals to earn and earmark funds ...
  5. Recharacterization

    The treatment of a contribution as being made to another type ...
  6. IRA Plan

    A plan that individuals may establish to arrange and plan for ...
Hot Definitions
  1. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  2. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  3. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  4. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  5. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  6. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
Trading Center