3. Traditional IRA Income Restrictions to Deduct Contributions Rise

Contribution limits for IRAs remained unchanged at $5,500 (plus $1,000 as a catch-up contribution if you are 50 or older). However, the IRS did announce a few other tax changes that impact IRAs. First, if you are covered by an employer-sponsored plan, your income limit when you’ll still get a deduction for contributing increases.

Single Filers: The maximum deduction is reduced at $63,000 (up from $62,000 in 2017) and is completely eliminated at $73,000 (up from $72,000).

Joint Filers: The maximum deduction is reduced at $101,000 (up from $99,000) and is completely eliminated at $121,000 (up from $119,000).

If your spouse is covered, but you aren’t, your maximum deduction is reduced at $189,000 (up from $186,000) and is completely eliminated at $199,000 (up from $196,000).

Learn: Roth vs. Traditional IRA: Which Retirement Plan Is Best for Me?