Contribution limits for 401(k) plans and IRAs were unchanged, but the 1.5 percent cost-of-living adjustment announced by the IRS this week will change pension plan deductions for 2014.
The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have a modified adjusted gross income between $60,000 and $70,000, up from $59,000 and $69,000 in 2013.
For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $96,000 to $116,000, up from $95,000 to $115,000 in 2013.
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