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

    Making Spousal IRA Contributions

    Eligibility requirements, contribution limits and tax deductions all change with one little ring.
  2. Retirement

    Avoiding Too Much Tax On Your Distributions

    IRA assets can't be taxed twice - find out how to avoid paying the second time around.
  3. Retirement

    How To Convert A Non-Deductible IRA Into A Roth IRA

    Here's a step-by-step guide for transferring one retirement plan into another.
  4. Retirement

    IRA Contributions: Deductions and Tax Credits

    We outline the incentives and help you take full advantage of the benefits.
  5. Personal Finance

    An Introduction To Correcting Ineligible IRA Contributions

    Eager to save for retirement? Find out how to avoid overpayment penalties.
  6. Retirement

    Roth vs. Traditional IRA: Which Is Right For You?

    To answer this question, you need to consider several of the factors we outline here.
  7. Retirement

    Tips On How To Use IRAs To Boost Retirement Savings

    According to the Trustees of the Social Security Fund, the fund will be depleted by 2037. Are you ready?
  8. 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.
  9. 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.
  10. Retirement

    IRA Contributions: Eligibility And Deadlines

    Use this checklist for contribution requirements to make your payments on time.
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. Bond Ladder

    A portfolio of fixed-income securities in which each security has a significantly different maturity date. The purpose of ...
  2. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  3. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  4. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  5. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  6. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
Trading Center