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Is My IRA Deductible?

If neither you nor your spouse is an "active participant" in an employer-sponsored retirement plan, you both may deduct your entire traditional IRA contribution, up to your applicable limit.

However, if either of you participates in an employer-sponsored retirement plan, you may deduct your contribution only if your adjusted gross income falls within certain ranges.

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The eligibility requirements for deducting your IRA contributions will be increasing in future years. For further information, please see the charts outlining these increased eligibility requirements.

Your financial or tax advisor can help you determine how much, if any, of your IRA contribution is deductible. But remember, even if your contribution isn't tax-deductible, your earnings still compound tax-deferred until you withdraw them at retirement, when they'll be taxed at your then-current rate.

Adjusted Gross Income is the total of yearly wages, interest, dividends, capital gains (or losses) minus allowable adjustments, such as alimony and business or moving expenses.

The tools and calculators provided are for educational and illustrative purposes only. They are presented as a convenience and are not intended to provide financial advice. Please consult with a financial advisor regarding your unique situation.

Any tax or legal information provided is a summary of our current understanding and interpretation of the current income tax regulations and is not exhaustive. Investors should consult their tax advisor or legal counsel for advice and information concerning their specific situation.

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This Web site is accompanied by current prospectuses for Wells Fargo Advantage Funds®, an EdVestSM program description (PDF), and a tomorrow's scholar® program description (PDF).

For 529 plans, an investor's or a designated beneficiary's home state may offer state tax or other benefits that are only available for investments in that state's qualified tuition program. Please consider this before investing.

Not FDIC Insured  •  No Bank Guarantee  •  May Lose Value

©2010 Wells Fargo Funds Management, LLC. All rights reserved. EdVest and tomorrow's scholar are state-sponsored 529 college savings plans administered by the Wisconsin Office of the State Treasurer. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services, Wells Fargo Advantage Funds, and the EdVest and tomorrow's scholar plans. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds and shares in the 529 plans are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

This Web site is for information purposes only and is not intended as a solicitation to sell or buy any security. Wells Fargo Advantage Funds are offered by prospectus and only to residents of the United States. Wells Fargo does not control or endorse and is not responsible for third-party Web sites to which this site links.

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Wells Fargo Advantage Funds 1-800-359-3379

Next Steps

Don't wait until April 15 to fund your IRA. The sooner you open your account, the sooner your savings can start to grow.
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Questions? Specialists are available 24 hours a day at 1-800-359-3379.

 

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