![]() ![]() MAGI is your Adjusted Gross Income (AGI) with standard deductions included.įor taxpayers who are married and filing separately, eligibility phases out between $0-$10,000. ![]() If you are married and your spouse is not working, you may also make a spousal contribution into an IRA under your spouse's Social Security number. If you are age 50 or older, you can contribute an additional amount-called a catch-up contribution-to your IRA each year. Your account must be open for 5 years and you must be over age 59 (or meet certain other exceptions) to be eligible for qualified tax-free withdrawals. Annual contribution limits are listed below.
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