Is My IRA Deductible?

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.

Adjusted Gross Income	$
Filing Status		Single Married/Joint Married/Separately
Are You Covered by a Qualified Retirement Plan		Yes No
Is Your Spouse Covered by a Qualified Retirement Plan		Yes No
Your Age

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 in this website is merely a summary of our understanding and interpretations of some 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 particular situation. Wells Fargo Funds Management, LLC, Wells Fargo Funds Distributor, LLC, nor any of their representatives may give legal or tax advice.