Final answer:
The deduction limits for Traditional IRAs for individuals covered by a workplace retirement plan in 2015 reduced when the individual's MAGI exceeded certain income thresholds. Single filers had phase-out ranges from $61,000 to $71,000 and married couples filing jointly ranged from $98,000 to $118,000. These limits determine how much one could deduct from taxable income and change annually.
Step-by-step explanation:
The deduction limits for a Traditional IRA for someone who is covered by a retirement plan at work in 2015 were subject to income thresholds. If the individual's modified adjusted gross income (MAGI) was above a certain level, the amount they could deduct on their taxes for contributions to a Traditional IRA began to be reduced, and eventually phased out completely.
For single filers or heads of household who were covered by a workplace retirement plan in 2015, the phase-out range for deductions was a MAGI between $61,000 and $71,000. Married couples filing jointly had a phase-out range between $98,000 and $118,000 if the spouse making the IRA contribution was covered by a workplace retirement plan. The limit for such individuals who were not covered by a workplace retirement plan but were married to someone who was started to phase out at a MAGI of $183,000 and completely phased out at $193,000. These thresholds essentially determine how much you can deduct from your taxable income. It's important to remember that these figures adjust annually and are subject to change with tax law revisions.