Annuities
Deferred Annuities
Limitation on tax deduction for contributions to traditional IRAs:
| Tax Deductibility of IRA Contributions (Tax Year 2008) |
| for participants in employer-sponsored retirement plans* |
| Modified Adjusted Gross Income |
Maximum Deduction for 2008 for Individuals Under Age 50 |
Maximum Deduction for 2008 for Individuals Age 50 and Older |
| Single Filers |
Married Filing Jointly |
Married Filing Separately |
| You Participate |
Spouse Participates |
| $53,000 & under |
$85,000 & under |
$159,000 & under |
$0 |
$5,000 |
$6,000 |
| $54,000 |
$87,000 |
$160,000 |
$1,000 |
$4,500 |
$5,400 |
| $55,000 |
$89,000 |
$161,000 |
$2,000 |
$4,000 |
$4,800 |
| $56,000 |
$91,000 |
$162,000 |
$3,000 |
$3,500 |
$4,200 |
| $57,000 |
$93,000 |
$163,000 |
$4,000 |
$3,000 |
$3,600 |
| $58,000 |
$95,000 |
$164,000 |
$5,000 |
$2,500 |
$3,000 |
| $59,000 |
$97,000 |
$165,000 |
$6,000 |
$2,000 |
$2,400 |
| $60,000 |
$99,000 |
$166,000 |
$7,000 |
$1,500 |
$1,800 |
| $61,000 |
$101,000 |
$167,000 |
$8,000 |
$1,000 |
$1,200 |
| $62,000 |
$103,000 |
$168,000 |
$9,000 |
$500 |
$600 |
| $63,000 & over |
$105,000 & over |
$169,000 & over |
$10,000 & over |
$0 |
$0 |
*You may contribute simultaneously to a traditional IRA and a Roth IRA (subject to eligibility) as long as the total contributed to all (traditional or Roth) IRAs totals no more than $5,000 ($6,000 age 50 or older) for tax year 2008.
