Common use of Deduction Calculation Clause in Contracts

Deduction Calculation. If your MAGI is equal to or is less than the applicable Low End number in the chart based on your tax-filing status, then you may deduct your entire regular (including catch-up) IRA contribution. If your MAGI meets or exceeds the High End * The regular and catch-up IRA contribution limits are subject to number, you may not deduct any portion of your contribution. If annual cost-of-living adjustments, if any. your MAGI is between the Low End and High End numbers, which