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Old 07-28-2010, 02:01 PM
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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!

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