how much can I deduct for 401k contributions
The traditional Individual Retirement Account (IRA) contribution and deduction limit is $5,500 for 2014. If you are at least age 50 or older before the end of 2014, the limits are increased to $6,500. If both you and your spouse are covered by a retirement plan, your IRA deduction will be phased-out if you make more than $96,000 on a joint tax return in 2014. If you make $116,000 or more on a joint tax return, you receive no IRA deduction.