Enda80
Oct 20 2009, 08:43 PM
If one participates in an employer sponsored retirement plan and have a personal IRA, how much must one prorate or reduce the contributions that one makes to the personal IRA? Does the phaseout occur if one has a certain level of income?
Scott Foreman
Oct 21 2009, 08:06 AM
You may want to check out this publication from the IRS (Publication 590). Your question is covered starting with the section entitled Limit if Covered by Employer Plan. Table 1-2 should have the numbers you are looking for.
IRS Publication 590Scott