Would-be retirees, listen up: the IRS has released costofliving adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.
Traditional IRA contributions are deductible under certain conditions, but if during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated, depending on filing status and income.
For single taxpayers covered by a workplace retirement plan, the phase-out range is $62,000–$72,000, up from $61,000–$71,000. For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $99,000–$119,000, up from $98,000–$118,000.
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