2008 IRA Contribution Limits & Rules

2008 IRA Deduction

IRA contributions are tax deductible depending on your income and whether you are covered by a retirement plan (such as a 401k plan) at work. Each year the IRS increases these income thresholds to keep up with inflation. The 2008 IRA deduction rules are as follows:

2008 IRA Deduction if you are covered by a plan at work:

If you are a tax filer filing jointly, or you are a qualified widower, then you get a full 2008 IRA deduction if your income is less than $85,000. This is an increase from $83,000 in 2007.

If you are single then you get a full 2008 IRA deduction if your income is less than $53,000. This is an increase from $52,000 in 2007.

2008 IRA Deduction if you are not covered by a plan at work:

If you are married and your spouse is covered at work then you get a full 2008 IRA deduction if your joint gross adjusted income is less than $159,000. This is an increase from $156,000 in 2007.

If you are single then you get a full 2008 IRA deduction no matter how much your income is.

Disclaimer: This website is intended to provide general information about 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, 2008ira.com makes no representation or warranties as to the accuracy, reliability, or completeness of any information on this site.