Opinion

Tax deduction is available

Posted May 09, 2017 1:00 am

In the May 6 edition of the Daily Herald, Richard Francke writes "If your employer offers a retirement plan/pension plan, noted in box 13 of your W-2, you may not take a tax deductible traditional IRA." This is incorrect. I am an enrolled agent with 34 years of experience in the tax field. For tax year 2017, if your filing status is single and you were a participant in an employer plan, you are still eligible to deduct a traditional IRA contribution if your adjusted gross income (AGI) is under $72,000 (the maximum deduction phases out between AGI of $62,000 and $72,000). If your filing status is married filing jointly and either you or your spouse is a participant in an employer plan, you are eligible to deduct a traditional IRA contribution if your AGI is under $119,000 (the maximum deduction phases out between AGI of $99,000 and $119,000).

Stephen W. DeFilippis

Wheaton

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