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plan and are single or a head of household, the tax deduction phases out for AGI between $59,000 and $69,000 (up from $58,000 to $68,000 in 2012); if married and filing jointly, the phase-out range is $95,000 to $115,000 (up from $92,000 to $112,000 in 2012).
• • If you're married and aren't covered by an employer plan but your spouse is, the IRA deduction is phased out if your combined AGI is between $178,000 and $188,000 (up from $173,000 to $183,000 in 2012).
• • For more details, read IRS Publication 590 at www.irs.gov.
• Retirement Saver' Tax Credit: As an incentive to help low- and moderate-income workers save for retirement through an IRA or company-sponsored plan, many are eligible for a Retirement Savers' Tax Credit of up to $1,000 ($2,000 if filing jointly). This credit lowers your tax bill, dollar for dollar, in addition to any other tax deduction you already receive for your contribution.
• Qualifying income ceiling limits for the Retirement Savers' Tax Credit increased in 2012 to $59,000 for joint filers, $44,250 for heads of household, and $29,500 for singles or married persons filing separately. Consult IRS Form 8880 for more information.
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• Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.
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