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 the income limitations as ultimately if that deduction is not allowed, I will be taxed twice: initially when earned, and then again when I withdraw from my IRA post retirement. Can you please clear it up for me? Thank you.

Retirement, 401(k), IRAs, Taxes
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March 2016

It's getting close to the tax deadline.  I hope you've already made any adjustments if needed. 

There are a couple things you mentioned that make me wonder if you're talking about a traditional IRA or Roth IRA.  

Assuming you are talking about a traditional IRA:
If you file taxes as single and your employer does not offer a retirement plan, there is no income limit for the deductible amount of a traditional IRA contribution.

https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-NOT-Covered-by-a-Retirement-Plan-at-Work

If you are really talking about a Roth IRA:
There is no deduction for contributions.  Instead, you are limited to the amount you can contribute based on your modified AGI.  The single filing status allows a full contribution up to $116,000 (MAGI), no contribution over $131,000 (MAGI), and a reduced amount in between $116k-131k.

https://www.irs.gov/Retirement-Plans/Amount-of-Roth-IRA-Contributions-That-You-Can-Make-For-2015

For both a traditional IRA and Roth IRA, the max contribution is $5,500 or $6,500 if you are age 50 or over. (for years 2015 & 2016)

Important- You are NOT taxed twice if you make non-deductible contributions to a traditional IRA.  You will be taxed on the Growth of the contribution, but not what you originally contributed and were unable to deduct. There are calculations involved and IRS forms to keep, but a non-deductible traditional IRA contribution will, in fact, lower your future tax liability when withdrawing from a traditional IRA.

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February 2016