When it comes to IRA deduction limits these change even if it is slightly each year. You can keep abreast of the changes by watching the news or listening to it over the radio, in your house, in the car, on your cell phone etc. You may also want to check it out online. Make sure you check a couple sources so you know you are getting current information. This article will give you the IRA deduction limits for the year 2009. What you are eligible for is dependent on if you are filing singly or jointly and the amount of money you make per year. Read the following carefully to see which category you fall into. Remember that the amounts quoted here are for 2009 and that those for this year are more than likely different.

If you are an individual and you are not actively participating in a retirement program with your employer then there is no limit and you are allowed a full IRA deduction. If you are an individual who is actively a part of a retirement program done by your employer you will qualify for full deduction if your annual income is less than $55,000 and partial deduction if your annual income is more than $55,000 but less than $65,000. If you are an individual who is participating in an employer retirement plan and earning over $65,000 per year you do not qualify for IRA deduction.

If you are married but filing jointly or you are a widow or widower and not participation and an employer plan there is no income limit and you have access to full IRA deduction. If you are active and making less than $89,000 per year then you qualify for a full deduction. If you are actively participating and earning more than $89,000 but less than $109,000 per annum you qualify for partial deduction. If you are actively participating in an employer based pension plan and you are earning above $109,000 yearly then you do not qualify for an IRA deduction.

If you are married and filing jointly and you are not active but your spouse is actively participating and your annual income is less than $166,000 then you are entitled to a full deduction. If you are earning more than $166,000 but less than $176,000 then you will qualify for a partial deduction. If you earn above the amount of $176,000 you do not qualify for a deduction.

If you are married but filing by yourself and neither neither you nor your spouse are active participants in a retirement plan by your employer then you will be entitled to a full deduction. If at any time you are not living with your spouse you will be entitled to the full deduction.

Determining your IRA deduction limits is not hard once you know what category you fall into. The above information gives you an in-depth view of how you would qualify at each income level.

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