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Contribution Rules

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Traditional IRA contributions are fully tax-deductible as long as neither you nor your spouse participates in an employer-sponsored retirement or pension plan. If one of you does participate in such a plan, deductibility of your Traditional IRA contribution is limited. Refer to the charts below to calculate your deduction.

Tax Deductibility of IRA Contributions (Tax Year 2013)
for participants in employer-sponsored retirement plans1
Modified Adjusted Gross Income (MAGI) Maximum Deduction for 2013 for Those Under Age 50 Maximum Deduction for 2013 for Those Age 50 and Over
Single Filers Married Filing Jointly Married Filing Separately
You Participate Spouse Participates
$59,000 & under $95,000 & under $178,000 & under $0 $5,500 $6,500
$60,000 $97,000 $179,000 $1,000 $4,950 $5,850
$61,000 $99,000 $180,000 $2,000 $4,400 $5,200
$62,000 $101,000 $181,000 $3,000 $3,850 $4,550
$63,000 $103,000 $182,000 $4,000 $3,300 $3,900
$64,000 $105,000 $183,000 $5,000 $2,750 $3,250
$65,000 $107,000 $184,000 $6,000 $2,200 $2,600
$66,000 $109,000 $185,000 $7,000 $1,650 $1,950
$67,000 $111,000 $186,000 $8,000 $1,100 $1,300
$68,000 $113,000 $187,000 $9,000 $550 $650
$69,000 & over $115,000 & over $188,000 & over $10,000 & over $0 $0
Tax Deductibility of IRA Contributions (Tax Year 2012)
for participants in employer-sponsored retirement plans1
Modified Adjusted Gross Income (MAGI) Maximum Deduction for 2012 for Those Under age 50 Maximum Deduction for 2012 for Those age 50 and Over
Single Filers Married Filing Jointly Married Filing Separately
You Participate Spouse Participates
$58,000 & under $92,000 & under $173,000 & under $0 $5,000 $6,000
$59,000 $94,000 $174,000 $1,000 $4,500 $5,400
$60,000 $96,000 $175,000 $2,000 $4,000 $4,800
$61,000 $98,000 $176,000 $3,000 $3,500 $4,200
$62,000 $100,000 $177,000 $4,000 $3,000 $3,600
$63,000 $102,000 $178,000 $5,000 $2,500 $3,000
$64,000 $104,000 $179,000 $6,000 $2,000 $2,400
$65,000 $106,000 $180,000 $7,000 $1,500 $1,800
$66,000 $108,000 $181,000 $8,000 $1,000 $1,200
$67,000 $110,000 $182,000 $9,000 $500 $600
$68,000 & over $112,000 & over $183,000 & over $10,000 & over $0 $0


1. You may contribute simultaneously to a Traditional IRA and a Roth IRA (subject to eligibility) as long as the total contributed to all (Traditional and/or Roth) IRAs totals no more than $5,000 ($6,000 for those age 50 and over) for tax year 2012 and no more than $5,500 ($6,500 for those age 50 and over) for tax year 2013.

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This information is for general informational purposes only and is not intended as an individualized recommendation or a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends that you consult with a qualified tax advisor, CPA, financial planner, or investment manager.