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Planning for Retirement

IRA Limits and Deductibility

ANNUAL CONTRIBUTION LIMITS

The maximum regular contribution per individual for Traditional and Roth IRAs is the lesser of the annual contribution limit or 100% of taxable compensation. "Catch-up" contributions can be made by IRA owners age 50 or older once they have reached their maximum regular contribution.

Annual Contribution Limits:

Year Limit Catch-Up
2021 $6,000 $1,000
2022 $6,000 $1,000
2023 $6,500 $1,000
Note: The limits above are contribution limits only. To open an IRA at Guggenheim Investments, the account must have a minimum initial balance of $5,000.

TRADITIONAL IRA DEDUCTIBILITY CHARTS FOR TAX YEAR 2023

IF YOU ARE  COVERED BY A RETIREMENT PLAN AT WORK
If your filing status is... And your MAGI is... Then you can take...
Single $73K or less a full deduction.
more than $73K but less than $83K a partial deduction.
$83K or more no deduction.
Married filing jointly $116K or less a full deduction.
more than $116K but less than $136K a partial deduction.
$136K or more no deduction.
Married filing separately less than $10K a partial deduction.
$10K or more no deduction.
 
IF YOU ARE NOT  COVERED BY A RETIREMENT PLAN AT WORK
If your filing status is... And your MAGI is... Then you can take...
Single any amount a full deduction.
Married filing jointly or separately with a spouse who is NOT covered by a plan at work any amount a full deduction.
Married filing jointly with a spouse who IS covered by a plan at work $218K or less a full deduction.
more than $218K but less than $228K a partial deduction.
$228K or more no deduction.
Married filing separately with a spouse who IS covered by a plan at work less than $10K a partial deduction.
$10K or more no deduction.

ROTH IRA ELIGIBILITY CHART FOR TAX YEAR 2023

If your filing status is... And your MAGI is... Then you can...
Single less than $138K make a full contribution.
$138K to less than $153K make a reduced contribution.
$153K or more not contribute.
Married filing jointly less than $218K make a full contribution.
$218K to less than $228K make a reduced contribution.
$228K or more not contribute.
Married filing separately less than $10K make a reduced contribution.
$10K or more not contribute.
 

Resources

2023 IRA Deduction Limits - Effect of Modified AGI on Deductible Contributions if you ARE covered by a retirement plan at work

2023 IRA Deduction Limits - Effect of Modified AGI on Deductible Contributions if you are NOT covered by a retirement plan at work

Amount of Roth IRA Contributions That You Can Make For 2023

This information does not constitute tax advice. Please consult your tax advisor and/or state and local tax offices for more complete information.

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