2009 IRA Deduction

Your 2009 IRA contributions are generally tax deductible depending on your income, marriage status, and whether you are covered by a retirement plan at work. The IRS published the exact income thresholds for the 2009 ira deductibility in October of 2008. Typically, the IRS increases the income thresholds to keep up with inflation. In 2009 the income thresholds for ira deductibility are $89,000 and $55,000 if you were covered by a retirement plan at work and you were married or single respectively.

The 2009 IRA deductibility limit is higher, $166,000, if you were married but not covered by a retirement plan at work. If you are single and not covered at work then your 2009 IRA contribution is tax deductible as long as you had any earned income. Expect these limits to increase by 2-5% in 2010. We will post the exact figures as soon as they are published by the IRS.

Disclaimer: This website is intended to provide general information about 2009 IRA retirement plans. Nothing on this site should be considered legal, financial or tax advice. Please consult your tax or financial advisor for professional advice. While we strive to periodically update the information on this website, 2009 ira .com makes no representation or warranties as to the accuracy, reliability, or completeness of any information on this site.