Find out how your income may affect the type of account you can choose

Check your income limits to determine your eligibility to participate and deduct contributions. Use the information below to see how income affects contributions and deductions for each type of IRA. See which IRA may be right for you by using our IRA Selection Wizard.

• Contributions to Traditional IRAs are limited by age restrictions, not by income. See Contribution Rules
• Traditional IRA deductions are limited by income. If your income is too high, you cannot deduct your contributions.

2009 Traditional IRA income limits for claiming a deduction

The income limits for claiming a deduction apply only to Traditional IRA participants whose employers offer a qualified retirement savings plan, such as a 401(k). Even if you do not participate in the employer's retirement plan, the limits apply to you if your employer offers such a plan. If your employer does not offer a plan, the income limits for claiming a deduction are different.

Note that the deductibility limits for a spousal IRA apply to the nonworking spouse only. If you are a nonworking spouse, you can claim a full deduction if your working spouse's income is less than or equal to the full deduction range. At the same time, your working spouse can only deduct his or her contributions if the income range is less than or equal to the applicable limits (e.g., filing separately, as head of household, or married filing jointly).

• Roth IRA contributions are limited by age restrictions and income limits (See Contribution Rules for age limits)
• Roth IRA deductions for contributions are never allowed

2009 Roth IRA income limits for participating and contributing