Jeffrey Becker, CPA/PFS

IRA Eligibility Flowchart: 2014
IRA Eligibility Flowchart: 2014

Choose from the following selections if your federal income tax filing status is:

What you need to know before beginning:
  • Married couples should evaluate their options independently. Use this flow chart twice--once for you and once for your spouse.
  • You can't contribute to a traditional IRA once you've reached age 70½ (there is no age cutoff for Roth IRAs).
  • The total amount that you as an individual can contribute to either a traditional or Roth IRA is limited to the lesser of $5,500 ($6,500, if 50 or older) or 100 percent of your earned income for the year. (The annual IRA limits don't apply to rollover contributions or repayments of qualified hurricane distributions and qualified reservist distributions.)
  • There is often no reason to make nondeductible traditional IRA contributions when you qualify to fund a Roth IRA. However, the choice between funding a Roth IRA or making deductible contributions to a traditional IRA depends on your particular circumstances.
  • Spousal IRA: If you are married and file a joint return, and either you or your spouse has less than $5,500 (2014) in earned income, special rules apply.
  • The choices available to you depend in large part on your modified adjusted gross income for the year.

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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019.