are ira income limits based on agi
In 2016, traditional IRA income limits changed from previous years. The maximum limits for your traditional IRA is based on you adjusted gross income, or AGI. To further complicate things, the amounts vary depending upon whether or not you are covered by a retirement plan at your job. Traditional IRA Income Limits for 2016. 1  If your filing status is head of household or single, your IRA tax deduction starts to phase out when your AGI reaches $61,000 and completely disappears when you reach $71,000.