Not exact matches
For a traditional IRA, full deductibility of a
contribution for 2017 for those who participate in an employer - sponsored
retirement savings plan is available for those who are married and whose 2017 modified adjusted gross income (MAGI) is $ 99,000 or less, or for those who are
single and whose 2017 MAGI is $ 62,000 or less, with partial deductibility for MAGI up to $ 119,000 (joint) or $ 72,000 (
single).
Depending on your adjusted gross income (AGI), you can claim 50, 20, or 10 percent of your
retirement plan
contributions, up to $ 2,000 for
single filers and $ 4,000 for married filing jointly.
Instead of a
single common
retirement fund, a defined -
contribution plan consists of individual accounts supported by employer
contributions, usually matched at least in part by the employees» own savings.
The amount of the credit is 10 %, 20 % or 50 % of a
contribution to a
retirement plan or IRA of up to $ 2,000 for
singles and heads of households and $ 4,000 for married couples.
Recently, fellow Motley Fool Matthew Frankel did a great job at explaining adjusted income limits for IRA's here, but in short, if you're
single and you are covered by a
retirement plan at work, you can take the full deduction on a traditional IRA
contribution if your adjusted income is below $ 62,000 in 2017.
In 2013 it increases by $ 1,000 for
single filers ($ 59,000 - $ 69,000) and $ 3,000 for married couples filing jointly ($ 95,000 - $ 115,000), provided the spouse making the
contribution is covered by a workplace
retirement plan.
Saving more money is the
single most powerful thing you can do to put yourself on track for a secure
retirement, and you'll never have another opportunity to use that 2017
contribution space — and to reap the tax advantages it can provide.
If you participate in a workplace - based
retirement plan, you can still make tax - deductible
contributions to an IRA if you are
single and your income is less than $ 61,000 in 2016.
For
single taxpayers who are covered by a
retirement plan at work, IRA
contribution strategies get more complicated.
Just like
single taxpayers without
retirement plans at work, married taxpayers filing jointly without work plans can make the maximum traditional IRA
contribution no matter how high their income (AGI) might be.
The last two tables suggest optimal
contribution strategies for
single taxpayers who either are or are not covered by a
retirement plan at work.
The fact that IRA
contributions are currently limited to
single digit thousands of dollars annually, would limit this worker's
retirement savings potential.
The research, based on a survey of more than 3,000 working professionals across the U.S., found that 45 % of the respondents with outstanding student loan debt consider a student loan repayment the
single most compelling employee benefit among six potential options, including additional
retirement and health care
contributions.
Savers who don't have access to a 401 (k)
retirement plan through their employer can deduct
contributions to a traditional IRA from their taxes, regardless of income or whether they're
single, head of a household or married and filing jointly.
They may claim a tax credit up to 50 % of their
retirement plan
contribution with a maximum of $ 2,000 per
single filer, $ 4,000 for joint filers.