Traditional IRA Deductions for Tax Year 2013

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Traditional IRA Deductions for Tax Year 2013
If neither you nor your spouse participate in a company retirement plan:
  You can deduct 100% of your IRA contribution
If you participate in a company retirement plan:
Tax Filing Status Adjusted Gross Income You Can Deduct
Single Up to $59,000 100% of your contribution
$59,000 – $68,000 Less than $5,500
Over $68,000 No deduction allowed
 
Married, filing jointly Up to $95,000 100% of your contribution
$95,000 – $115,000 Less than $5,500
Over $115,000 No deduction allowed
If your spouse participates in a company retirement plan, but you do not
  Adjusted Gross Income You Can Deduct
  Up to $175,000 100% of your contribution
  $175,000 – $188,000 A partial deduction
  Over $188,000 No deduction allowed
If you're 50 or over, you can contribute an additional $1,000 per year as a "catch-up".

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FTB Advisors is the trade name for wealth management products and services provided by First Tennessee Bank National Association (FTB) and its affiliates.  Financial planning and trust services provided by FTB. Investment management services, investments and annuities provided by FTB Advisors, Inc. member FINRA, SIPC and a subsidiary of FTB.  Insurance products provided by FTB Advisors Insurance Services, Inc. (FTBIS). In some states, insurance products and annuities are provided by First Horizon Insurance Services, Inc. (FHIS), a Tennessee corporation and a subsidiary of FTB, CA License #OD12174. The principal place of business of FHIS is 165 Madison Ave., Memphis,TN. 38103. 

FTB Advisors, Inc., FTBIS and FHIS may offer annuities or transact insurance business only in states where they are licensed or where they are exempted from state insurance licensing requirements.  FTB Advisors does not offer tax or legal advice.  You should consult your personal tax and/or legal advisor concerning your individual situation.

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