IRA - Allowable Contribution Options - 2017 Worksheet

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This tax worksheet computes a taxpayer’s maximum allowable IRA contributions for the year.

For further assistance on this topic, click the Tax Flowcharts item group Tax worksheets item group button button and view the IRA Contributions and Deductions tax flowchart.

Footnotes

  1. Married individuals who file separately and did not live with their spouse at any time during the year are considered Single.
  2. Modified adjusted gross income equals adjusted gross income plus the IRA deduction, Series EE U.S. savings bond interest exclusion, U.S. possessions income, Puerto Rican income of a bona fide resident, foreign earned income exclusion, foreign housing exclusion and/or deduction, excluded adoption assistance benefits, deductible student loan interest, tuition and fees deduction, and domestic production activities deduction.
  3. If a joint return is filed, the combined maximum IRA contribution may be allocated between the spouses in any amount up to the individual maximum of each spouse.

    For example, if total earned income of both spouses is $8,000, the couple may allocate $5,500 to one spouse and $2,500 to the other, $4,000 to each spouse, or $4,500 to one spouse and $3,500 to the other.

  4. The taxpayer may make the full contribution of the lesser of earned income or $5,500 ($6,500 if age 50 or older). Any contribution above the deductible amount will create basis in the IRA.

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