Tax Deductibility
If your income is under a certain level or if you (or your spouse) don't have an employer-sponsored retirement plan, your Traditional IRA contribution is fully deductible. If you (or your spouse) do have a 401(k) or pension plan, the tax-deductible portion of your IRA contribution may be limited. Use our IRA contribution limit charts below to see how much you can deduct.
Tax Deductibility of IRA Contributions (Tax Year 2019)
For participants in employer-sponsored retirement plans1
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2019 for Those Under Age 50 |
Maximum Deduction for 2019 for Those Age 50 and Over |
| $64,000 & under |
$6,000 |
$7,000 |
| $65,000 |
$5,400 |
$6,300 |
| $66,000 |
$4,800 |
$5,600 |
| $67,000 |
$4,200 |
$4,900 |
| $68,000 |
$3,600 |
$4,200 |
| $69,000 |
$3,000 |
$3,500 |
| $70,000 |
$2,400 |
$2,800 |
| $71,000 |
$1,800 |
$2,100 |
| $72,000 |
$1,200 |
$1,400 |
| $73,000 |
$600 |
$700 |
| $74,000 & over |
$0 |
$0 |
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2019 for Those Under Age 50 |
Maximum Deduction for 2019 for Those Age 50 and Over |
| $103,000 & under |
$6,000 |
$7,000 |
| $105,000 |
$5,400 |
$6,300 |
| $107,000 |
$4,800 |
$5,600 |
| $109,000 |
$4,200 |
$4,900 |
| $111,000 |
$3,600 |
$4,200 |
| $113,000 |
$3,000 |
$3,500 |
| $115,000 |
$2,400 |
$2,800 |
| $117,000 |
$1,800 |
$2,100 |
| $119,000 |
$1,200 |
$1,400 |
| $121,000 |
$600 |
$700 |
| $123,000 & over |
$0 |
$0 |
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2019 for Those Under Age 50 |
Maximum Deduction for 2019 for Those Age 50 and Over |
| $193,000 & under |
$6,000 |
$7,000 |
| $194,000 |
$5,400 |
$6,300 |
| $195,000 |
$4,800 |
$5,600 |
| $196,000 |
$4,200 |
$4,900 |
| $197,000 |
$3,600 |
$4,200 |
| $198,000 |
$3,000 |
$3,500 |
| $199,000 |
$2,400 |
$2,800 |
| $200,000 |
$1,800 |
$2,100 |
| $201,000 |
$1,200 |
$1,400 |
| $202,000 |
$600 |
$700 |
| $203,000 & over |
$0 |
$0 |
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2019 for Those Under Age 50 |
Maximum Deduction for 2019 for Those Age 50 and Over |
| $0 |
$6,000 |
$7,000 |
| $1,000 |
$5,400 |
$6,300 |
| $2,000 |
$4,800 |
$5,600 |
| $3,000 |
$4,200 |
$4,900 |
| $4,000 |
$3,600 |
$4,200 |
| $5,000 |
$3,000 |
$3,500 |
| $6,000 |
$2,400 |
$2,800 |
| $7,000 |
$1,800 |
$2,100 |
| $8,000 |
$1,200 |
$1,400 |
| $9,000 |
$600 |
$700 |
| $10,000 & over |
$0 |
$0 |
Tax Deductibility of IRA Contributions (Tax Year 2018)
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2018 for Those Under Age 50 |
Maximum Deduction for 2018 for Those Age 50 and Over |
| $63,000 & under |
$5,500 |
$6,500 |
| $64,000 |
$4,950 |
$5,850 |
| $65,000 |
$4,400 |
$5,200 |
| $66,000 |
$3,850 |
$4,550 |
| $67,000 |
$3,300 |
$3,900 |
| $68,000 |
$2,750 |
$3,250 |
| $69,000 |
$2,200 |
$2,600 |
| $70,000 |
$1,650 |
$1,950 |
| $71,000 |
$1,100 |
$1,300 |
| $72,000 |
$550 |
$650 |
| $73,000 & over |
$0 |
$0 |
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2018 for Those Under Age 50 |
Maximum Deduction for 2018 for Those Age 50 and Over |
| $101,000 & under |
$5,500 |
$6,500 |
| $102,000 |
$4,950 |
$5,850 |
| $104,000 |
$4,400 |
$5,200 |
| $106,000 |
$3,850 |
$4,550 |
| $108,000 |
$3,300 |
$3,900 |
| $110,000 |
$2,750 |
$3,250 |
| $112,000 |
$2,200 |
$2,600 |
| $114,000 |
$1,650 |
$1,950 |
| $116,000 |
$1,100 |
$1,300 |
| $118,000 |
$550 |
$650 |
| $121,000 & over |
$0 |
$0 |
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2018 for Those Under Age 50 |
Maximum Deduction for 2018 for Those Age 50 and Over |
| $189,000 & under |
$5,500 |
$6,500 |
| $190,000 |
$4,950 |
$5,850 |
| $191,000 |
$4,400 |
$5,200 |
| $192,000 |
$3,850 |
$4,550 |
| $193,000 |
$3,300 |
$3,900 |
| $194,000 |
$2,750 |
$3,250 |
| $195,000 |
$2,200 |
$2,600 |
| $196,000 |
$1,650 |
$1,950 |
| $197,000 |
$1,100 |
$1,300 |
| $198,000 |
$550 |
$650 |
| $199,000 & over |
$0 |
$0 |
| Modified Adjusted Gross Income (MAGI) |
Maximum Deduction for 2018 for Those Under Age 50 |
Maximum Deduction for 2018 for Those Age 50 and Over |
| $0 |
$5,500 |
$6,500 |
| $1,000 |
$4,950 |
$5,850 |
| $2,000 |
$4,400 |
$5,200 |
| $3,000 |
$3,850 |
$4,550 |
| $4,000 |
$3,300 |
$3,900 |
| $5,000 |
$2,750 |
$3,250 |
| $6,000 |
$2,200 |
$2,600 |
| $7,000 |
$1,650 |
$1,950 |
| $8,000 |
$1,100 |
$1,300 |
| $9,000 |
$550 |
$650 |
| $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 $5,500 ($6,500 for those age 50 and over) for tax year 2018 and no more than $6,000 ($7,000
for those age 50 and over) for tax year 2019.
This tax information is not intended to be 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.
