By Roy Larsen, CFP®, AAMS®
Still time for a 2018 IRA: Since we are talking about deductions, let's look at the income limits first. If you are covered by a retirement plan at work and have Modified Adjusted Gross Income of $63,000 or less as a single filer, or $101,000 or less, filing jointly, it is fully deductible. Up to $73,000 MAGI for singles and $121,000 for joint filers you can still claim a partial deduction. You must at least have enough earned income to support your contribution up to the limits of $5500 for an individual and $11,000 per couple. If you are age 50 or older, add another $1,000 to your maximum.
Roy Larsen is a Certified Financial Planner™ practitioner and Fee Only Wealth Manager who resides outside of Atlanta, Georgia.
Roy's Financial Blog contains articles on the multiple and complex issues of living successfully in Retirement.