Would-be retirees, listen up: the IRS has released costofliving adjustmentsaffecting dollar limitations for pension plans and other retirement-relateditems for tax year 2017.
Traditional IRA contributions are deductible under certainconditions, but if during the year either the taxpayer or theirspouse was covered by a retirement plan at work, the deduction maybe reduced or phased out until it is eliminated, depending onfiling status and income.
For single taxpayers covered by a workplace retirement plan, thephase-out range is $62,000–$72,000, up from $61,000–$71,000. Formarried couples filing jointly, where the spouse making the IRAcontribution is covered by a workplace retirement plan, thephase-out range is $99,000–$119,000, up from $98,000–$118,000.
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