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

The Denver Retiree's Guide to Financial Resolutions You Will Keep Next Year

  The new year is a time of transition--a moment of looking back while at the same time looking forward. It’s a good time to set personal intentions f...

January 6, 2020

How to Face Your Retirement Planning Fears

    Halloween is over, but let’s not forget what makes people love this spooky holiday. Halloween celebrates what gives us the creeps and makes facing...

November 18, 2019

5 Ways Retirees Can Avoid A Major Spending Mistake

If you’re a parent, you likely will do anything for your children. Unfortunately, for many retirees, their admiration may come at the cost of derailin...

November 12, 2019