© Copyright 2009-2010 Federal Life Insurance Company (Mutual). All rights reserved.
3750 West Deerfield Road - Riverwoods, Illinois 60015. Phone: (800) 233-3750
( En Espanol )
Limitation on tax deduction for contributions to traditional IRAs:
| Tax Deductibility of IRA Contributions | |||||
| for participants in employer-sponsored retirement plans* | |||||
| Modified Adjusted Gross Income | Maximum Deduction for Individuals Under Age 50 | Maximum Deduction 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).
© Copyright 2009-2010 Federal Life Insurance Company (Mutual). All rights reserved.
3750 West Deerfield Road - Riverwoods, Illinois 60015. Phone: (800) 233-3750