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IRA's - 401K's - Mutual Funds Section Home Mutual Fund Center IRA Center Education Center   IRA 401K Mutual Fund Glossary  Information Requests  Rollover Your 401k or Other Retirement Account   Open an IRA   Open a Mutual Fund Account   Request More Information   Speak with a Licensed Professional   Analyze Your Current Mutual Fund Holdings  IRA-401K-Mutual Fund Disclaimers IRA Center This is the internet’s source for information on Retirement Accounts for beginners and professionals. The following information covers traditional IRAs, roth IRAs, 401(k)s, 401(k) rollovers, SIMPLE IRAs, SEP IRAs, 403(b)s, SARSEPs, Keoghs, Pension Plans. Do you participate in a retirement plan through your employer? You may be illegible to start a Traditional or Roth IRA as well. Traditional IRA Deductions for 2000 Use this section to determine if an individual's $2000.00 contributions is a fully deductible, partially deductible, or not deductible.  Allowable deductions to a Traditional IRA are determined by an individuals income (Modified AGI), filing status, age, and retirement plan by an employer. Did you know you can still make contributions to a Traditional IRA:  (1) If you are covered by a retirement plan at work?  (2) If you are a non-working spouse?  (3) If you are over the age of 70 1/2?  (4) Regardless of your income? If your Modified AGI* is: If You Are Covered by a Retirement Plan at Work and Your Filing Status is: If You Are Not Covered by a Retirement Plan at Work and Your Filing Status is: At Least But Less Than Single Head of Household Married Filing Jointly (even if your spouse is not covered by a plan at work) Qualifying Widow(er) Married Filing Separately** Married Filing Jointly (and your spouse is covered by a plan at work) Single Head of Household   Married Filing Jointly or Separately  (and spouse is not covered by a plan at work) Qualifying Widow(er) Married Filing Separately (and your spouse is covered by a plan at work)*** Deduction You Can Take Deduction You Can Take Deduction You Can Take Deduction You Can Take Deduction You Can Take Deduction You Can Take Deduction You Can Take $0.01             $10,000.00 $10,000.00    $32,000.00 $32,000.00    $42,000.00 $42,000.00    $52,000.00 $52,000.00    $62,000.00 $62,000.00   $150,000.00 $150,000.00  $160,000.00 $160,000.00  or  over Full  Full  Partial  None  None None None None Full  Full  Full  Full  Partial None None None Partial  None  None  None  None None None None Full  Full  Full  Full  Full  Full  Partial  None  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Full  Partial  None None None None None None None * Modified AGI (adjusted gross income).  For Form 1040A, it is the mount on line 15 increased by any excluded qualified bond interest shown on Form 8815, Exclusion of Interest from Series EE and I U.S. Savings Bonds Issued after 1989, and certain tax-exempt income amounts.  For Form 1040, it is the amount on line 33, figured without taking into account any IRA deduction or any foreign earned income exclusion and foreign housing exclusion (deduction), any student loan interest deduction, any qualified bond interest exclusion from Form 8815, and certain tax-exempt income amounts. ** If you did not live with your spouse at any time during the year, your filing status is considered, for this purpose, as Single (therefore your IRA deduction is determined under the "single" column). *** You are entitled to the full deduction if you did not live with your spouse at any time during the year.

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