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Tax law changes
The maximum deduction is $6,000 for each person. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). On a joint return the phaseout is calculated separately for each person, so the 6% phases out $6,000 for each person.
‎August 6, 2025
12:07 PM