2001 Tax Help Archives  
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Publication 590 2001 Tax Year

Important Changes for 2001

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This is archived information that pertains only to the 2001 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Modified AGI limit for traditional IRAs. For 2001, 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:

  • $53,000 and $63,000 for a married couple filing a joint return or a qualifying widow(er),
  • $33,000 and $43,000 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. For more information, see How Much Can I Deduct? in this chapter.

Simplified rules for minimum required distributions. New rules which became effective in 2001 simplify how minimum required distributions are figured. For most people, the new simplified rules result in lower minimum required distributions. For more information, see When Must I Withdraw IRA Assets? (Required Distributions) in this chapter.

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