Is the IRA max 6000 if you are married?  Also, does the write off change if you've already maxed out of your 401K?

3 Answers

  • 4 weeks ago

    It's usually $6000, but there are some exceptions.  If you are over a certain age, then it's more.  If your MAGI (modified adjusted gross income) exceeds certain limits and you are covered by a 401k or another retirement plan at work, then it is less or nothing.

  • Anonymous
    4 weeks ago

    Technically the IRA max is $6000 even if you're married (unless you're over age 50).

    But each of you can have your own IRA with $6000 limit which means $12,000 total contribution split over the two accounts.

    Deduction phase-out depends on your modified AGI. 

  • 4 weeks ago

    The $6000 limit is an individual limit.  If each spouse qualifies, you each could contribute up to $6000 if you are under 50 years old.

    Unfortunately, if you are covered by a 401k at work, the income limit to take the deduction is rather low.

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