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Tax Deductible IRA Contributions Across the Country

September 23, 2008 by Maggie McCullough

PolicyMap allows users to consider where people are contributing to their IRA accounts.  By looking at the most recent data issued from the IRS for the 2005 tax year, users can view the percent of all IRS Tax Returns with IRA contributions at a state or zip code level.  Among the states, Vermont leads the country with the highest percent of returns claiming an IRA contribution.

Percent of Returns with IRA Contributions: Vermont

Maine follows at 3.24%, with Montana at a close 3.23%.  The states with the lowest percentage of people contributing to their IRA accounts are Alabama, at 1.71% and Mississippi at 1.57%.  Nationally, 2.63% of income tax filers made an IRA contribution in 2005.

New Jersey leads the country with an average IRA contribution of nearly $4,000 in 2005; up from $3,270 in 2004.

Average Amount of IRA Contributions: New Jersey

Washington, DC lags behind all the states in the average amount of IRA contributions at $3,041.

States Ranked by Percent of Returns with IRA Deductions in 2005
Rank in 2005 State Percent of Returns with IRA Deduction in 2005 Average Amount of IRA Deduction in 2005 Percent of Returns with IRA Deduction in 2004 Average Amount of IRA Deduction in 2004
1 Vermont 3.76% $3,560 3.77% $3,004
2 Maine 3.24% $3,539 3.31% $3,014
3 Montana 3.23% $3,498 3.20% $2,958
4 New Hampshire 3.15% $3,568 3.25% $3,013
5 Oregon 3.02% $3,610 3.04% $3,035
6 South Dakota 2.96% $3,565 2.99% $3,029
7 Connecticut 2.91% $3,846 2.97% $3,216
8 Nebraska 2.87% $3,445 2.94% $2,902
9 Colorado 2.82% $3,557 2.91% $2,947
10 New Jersey 2.82% $3,951 2.90% $3,270
11 Rhode Island 2.79% $3,690 2.83% $3,092
12 Wyoming 2.79% $3,575 2.78% $2,989
13 New York 2.78% $3,754 2.86% $3,115
14 Idaho 2.78% $3,627 2.71% $3,020
15 North Dakota 2.75% $3,557 2.76% $2,969
16 Pennsylvania 2.74% $3,424 2.81% $2,903
17 Massachusetts 2.73% $3,672 2.86% $3,100
18 Iowa 2.71% $3,484 2.73% $2,970
19 Minnesota 2.64% $3,446 2.72% $2,955
20 California 2.63% $3,869 2.67% $3,192
21 Washington 2.58% $3,591 2.58% $3,001
22 Wisconsin 2.55% $3,396 2.62% $2,900
23 Maryland 2.53% $3,521 2.58% $2,968
24 Virginia 2.44% $3,520 2.50% $2,943
25 Florida 2.44% $3,700 2.49% $3,082
26 Kansas 2.42% $3,495 2.45% $2,922
27 Illinois 2.34% $3,677 2.40% $3,087
28 Arizona 2.33% $3,662 2.36% $3,023
29 New Mexico 2.21% $3,542 2.19% $2,940
30 North Carolina 2.16% $3,514 2.19% $2,967
31 Delaware 2.16% $3,553 2.20% $3,027
32 Missouri 2.11% $3,518 2.17% $2,972
33 Nevada 2.10% $3,663 2.15% $3,054
34 Indiana 2.03% $3,375 2.13% $2,840
35 Michigan 2.01% $3,371 2.07% $2,875
36 Utah 1.99% $3,606 1.97% $2,970
37 Ohio 1.99% $3,297 2.05% $2,794
38 South Carolina 1.94% $3,487 1.91% $2,972
39 Georgia 1.93% $3,545 1.98% $2,969
40 Arkansas 1.93% $3,783 2.00% $3,204
41 Oklahoma 1.88% $3,733 1.88% $3,127
42 District of Columbia 1.86% $3,041 1.90% $2,548
43 Louisiana 1.84% $3,727 1.91% $3,055
44 Tennessee 1.84% $3,525 1.89% $2,934
45 Texas 1.82% $3,784 1.85% $3,120
46 West Virginia 1.78% $3,311 1.81% $2,796
47 Kentucky 1.76% $3,506 1.85% $2,955
48 Alabama 1.71% $3,588 1.76% $3,006
49 Mississippi 1.57% $3,627 1.67% $3,024

These numbers are based on statistics provided by the IRS for Federal Income Tax Returns and do not include any contributions to IRAs that are not reflected on income tax returns, or contributions to pensions or other employer retirement plans. (See Our Data for a complete description of the IRS Federal Income Tax Returns.)


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Filed Under: Data & Features, Demographics, Incomes & Spending, Mapchats Blog Tagged With: A Closer Look Series, IRA Accounts, IRS Tax Returns

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