Common use of Xxxx XXX and Traditional IRA Contribution Limit Clause in Contracts

Xxxx XXX and Traditional IRA Contribution Limit. Your combined regular (including catch-up) traditional IRA and Xxxx XXX contributions may not exceed the maximum contribution limit set forth in the previous chart. Tax Deductions. Tax deductions apply only to your regular (including catch-up) IRA contribution amount, and the deduction may never exceed your maximum regular (including catch-up) contribution amount for the contribution year. Your deduction depends on whether you and your spouse (if applicable) are active participants, and your modified adjusted gross income (MAGI). Your MAGI is your adjusted gross income from your federal income tax return for the contribution year with certain subtractions and additions. For more information on MAGI, see the instructions to your federal income tax return or IRS Publication 590-A, is the phaseout range, see your tax or legal professional for assistance in determining your deduction amount. IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), and the instructions to your federal income tax return also contain helpful calculation information.