William Penn Life, 2017 (52. évfolyam, 1-12. szám)
2017-02-01 / 2. szám
Photo © Can Stock Photo/ mannicn Here are the guidelines if you ARE covered by a pension plan at work: If Your Filing Status Is... And Your Modified AGI Is... Then You Can Take... single or head of household $61,000 or less a full deduction up to the amount of your contribution limit. more than $61,000 but less than $71,000 a partial deduction. $71,000 or more no deduction. married filing jointly or qualifying widow(er) $98,000 or less a full deduction up to the amount or your contribution limit. more than $98,000 but less than $ 1 18,000 a partial deduction. $ 1 18,000 or more no deduction. married filing separately less than $ 10,000 a partial deduction. $10,000 or more no deduction. If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "single" filing status. Lastly, here are the limits for determining Roth IRA contributions for 2016: If Your Filing Status Is... And Your Modified AGI Is... Then You Can Contribute... married filing jointly or qualifying widow(er) less than $ 184,000 up to the limit. $184,000 but less than $194,000 a reduced amount. more than $ 194,000 zero. married filing separately and you lived with your spouse at any time during the year less than $10,000 a reduced amount. $ 10,000 or more zero. single, head of household, or married filing separately and you did not live with your spouse at any time during the year less than $ 1 17,000 up to the limit. $ 1 17,000 but less than $132,000 a reduced amount. $132,000 or more zero. When discussing IRAs and the different types of accounts, it's worth noting that you CAN have more than one. You can have a traditional IRA and a Roth, or a SEPIRA alongside your traditional IRA. We advise that you speak to an expert to help you navigate the maze of IRA possibilities. Did you now that William Penn Association provides ALL types of IRAs? And that our 5-year annuity is currently earning 3% interest, and our 9-year annuity 3.5%? Ask your WPA agent or broker to discuss our available options and help determine which IRA and annuity plan is right for you! Don't have an agent? Call our Sales Department at 1-800-848-7366, ext. 120, and we'll assign one for you.Q WILLIAM PENN LIFE 0 February 2017 0 5
