Regardless of your tax filing status, the 401(k) retirement plan contributions is the same for everyone. Unless you’re aged 50 and over, you will get to contribute as much as $20,000 to your 401(k). Those who are eligible for catch-up contributions get an additional $6,500 to contribute.
One thing that your filing status can affect your retirement accounts is the IRA contribution deductions. Unlike the 401(k) contribution deduction, the deduction for IRA contributions phases out once you earn income above a certain point.
Contribution Deduction Phase-out Range
For head of household phaseout range is $65,000 to $75,000
For married filing jointly phaseout range is $104,000 to $124,000
For single filers phaseout range is $65,000 to $75,000
Also, if the IRA contributor’s plan is not covered by the workplace retirement plan but the spouse is covered, the phaseout is $196,000 to $206,000.
None of the figures above affect the 401(k) contribution deduction. To claim a deduction for your 401(k) contributions, the only requirement is that you need to have a traditional 401(k) retirement plan. Because the Roth 401(k) contributions are taxed, it does not qualify for a tax deduction. Read the articles below to learn the key differences between Roth and traditional 401(k) retirement plans.