Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-28-2010, 02:01 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,400
Blog Entries: 3
What are IRA phaseout rules for 2010?

Per the IRS, for the tax year 2010, if a taxpayer is covered by a retirement plan at work, that taxpayers deduction for contributions to a traditional IRA is reduced or phased out if that taxpayers Modified Adjusted Gross Income is;

1. More than $80,000 but less than $109,000 for a married couple filing a joint tax return or for a qualifying widow(er).

2. More than $56,000 but less than $66,000 for a Single Individual or Head of Household.

3. Less than $10,000 for a married individual filing a separate return.

Furthermore, if taxpayer lives with his or her spouse or file a joint tax return and their spouse is covered by a retirement plan at work, but the taxpayer is not, the taxpayers deduction is phased out if their modified adjusted gross income is greater than $167,000 but less than $177,000.

For a joint filing taxpayer's whose Modified Adjusted Gross Income is greater than $177,000, the taxpayer cannot take a IRA deduction in 2010!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 07-28-2010, 02:14 PM
Junior Member
 
Join Date: Jan 2009
Posts: 10
Thanks! I was just thinking about the 2010 Tax Rules regarding the IRA phaseouts!

How is that Congress does not encourage all of us to invest more in an IRA and increase the 2010 phaseout limits? The current phaseouts amounts are not high enough for most taxpayers! Do you not agree with me??



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 07-28-2010, 02:17 PM
Junior Member
 
Join Date: Jan 2009
Posts: 12
Well, it does not make a big difference to me but I can see your frustration! All of us looking at reduced tax deductions and write-offs for the forseeable future. Clearly, it seems that Congress has to balance the budget and increase tax revenue for 2010!!!

More phaseouts to follow along with increase in personal tax rates just around the corner!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the Alabama Reemployment Act of 2010? TaxGuru Alabama 0 07-13-2010 08:39 PM
What are the AMT exemptions for 2010? TaxGuru Alternative Minimum Tax 0 02-22-2010 09:32 AM
What are the most important tax credits that are going to expire in 2010? TaxGuru Miscellaneous 0 01-10-2010 10:51 PM
What are 2010 Rules for Roth IRAs? TaxGuru IRA/Sep 0 01-06-2010 07:03 PM
What are the AGI limits that result in "Phaseout of Exemptions" in 2007? TaxGuru General 0 01-13-2008 04:29 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning