<During 1997, I participated in a company's 401k plan for 2 months before I left for a new company. My contributions totaled less than $1,000. Is my '97 IRA contribution of $2,000 fully deductible, or does it depend on my income level?>It depends on your income level (assuming you were under 70.5 years old at the end of 1997, otherwise you can't make an IRA contribution). The phase-out ranges are $25,000-35,000 for single filers and $40,000-50,000 for married filing jointly for 1997.If you're below the range, all contributions are deductible. Above the range the contributions are nondeductible. Within the range, you need to get the instructions from Form 1040 and use the IRA deduction worksheet on page 16 to determine the deductible amount.
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