You can contribute up to $5,000 to an IRA for 2010 until April 18 of this year. If you were 50 or older last year, the cap is $6,000. However, to get a deduction for that contribution, your modified adjusted gross income (MAGI) must be below certain levels.
Single filers. For a full deduction, your 2010 MAGI must be no more than $56,000. Partial deductions are permitted with MAGI up to $66,000.
Married couples filing joint returns. For a full deduction, your 2010 MAGI must be no more than $89,000. Partial deductions are permitted with MAGI up to $109,000.
Spouses. If your spouse is not covered by an employer’s retirement plan, your spouse can make a fully deductible IRA contribution for 2010 with joint MAGI up to $167,000. Partial deductions are permitted with joint MAGI up to $177,000.