Client login

Retirement Planning- IRA Contributions [Chart]

Retirement Planning- IRA Contributions

If you're working on your 2016 Taxes, there is still time to contribute to your IRA (not including extensions). For most taxpayers, the contribution deadline is April 18, 2017. As long as your total contributions don't exceed the annual limit, you can contribute to a traditional IRA, Roth IRA or both. 

The 2016 income phaseout ranges for determining deductibility of traditional IRA contributions are: 

Covered by an employer-sponsored plan and filing as:  Your IRA deduction is reduced if your MAGI* is:  Your IRA deduction is eliminated if your MAGI is: 
Single/Head of household $61,000-$71,000 $71,000+
Married filing jointly $98,000-$118,000 $118,000+
Married filing separately $0-$10,000 $10,000+
Not covered by an employer-sponsored retirement plan, but filing joint return with a spouse who is covered by a plan  $184,000-$194,000 $194,000+

*Modified Adjusted Gross Income
Managing your tax liability with IRA contributions is a great way to owe less and prioritize your retirement savings.

If you're planning on working with a financial advisor to help with your retirement strategies, review the financial planning checklist to get started. Download Your Financial Planning Checklist

Ready to take the next step?

Let’s talk!

Explore what’s possible for you during your retirement

Making a Plan for Smooth Retirement, Regardless of Bumps in the Road

After being married for over 30 years, Tanya and John had settled into a routine when it came to money management. John depended on Tanya to manage th...

May 14, 2019

Locations in Denver Where Your Pup Can Come Too

According to the American Veterinary Medical Association, over 36% of American households own dogs. That equates to over 43 million people in the Unit...

May 7, 2019

3 Hobbies Retirees in Denver Love to Enjoy

What to consider when retiring shouldn’t only be about the dollars and cents. It should also be about how you can use your money as a means for enjoym...

April 30, 2019