You are eligible to open a Traditional IRA and make deductible contributions if you receive U.S. earned taxable income and your modified adjusted gross income is below the limits set by law. Typically, if you are not active in an employer-sponsored retirement plan, 100% of your contribution to a Traditional IRA is deductible.
If you are active in an employer-sponsored retirement plan, the amount eligible for deduction depends on your modified adjusted gross income. Individuals whose modified adjusted gross income falls between the limits may be eligible for a portion of their contributions to be tax-deductible. If your income is above the limits listed below, you are eligible to make only non-deductible contributions to an IRA.
• Married, filing joint tax return: $101,000 to $121,000 for 2018 and $103,000-$123,000 for 2019.
• Married, filing separate tax returns: $0–$10,000 for all tax years.
• Single: $63,000-$73,000 for 2018 and $64,000-$74,000 for 2019.
For more information, consult your tax advisor or refer to IRS Instructions to Form 8606.
You should carefully consider the investment objectives, risks, charges and expenses of the GuideStone Funds before investing. A prospectus with this and other information about the Funds may be obtained by calling 1-888-GS-FUNDS (1-888-473-8637) or downloading one at GuideStoneInvestments.com/Funds. It should be read carefully before investing.
Retail products are made available through GuideStone Financial Services, member FINRA.