Is the IRA max 6000 if you are married? Also, does the write off change if you've already maxed out of your 401K?
- StephenWeinsteinLv 74 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.
- Anonymous4 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.
- Wayne ZLv 74 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.