Important Change

Modified AGI limit for traditional IRA contributions increased.
For 2000, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA will be reduced (phased out) if your modified adjusted gross income (AGI) is between:

• $52,000 and $62,000 for a married couple or a qualifying widow(er) filing a joint return,
• $32,000 and $42,000 for a single individual or head of household, or
• $-0- and $10,000 for a married individual filing a separate return.

For all filing statuses other than married filing a separate return, the upper and lower limits of the phaseout range increased by $1,000. See How Much Can I Deduct? later.

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