Answer :
In view of the phase-out of the IRA Deduction of an Active Participant of the $6,000 contribution, Myers can deduct $1,000.
As Myers is an active participant in his employer's qualified retirement plan, the amount that he may deduct of his $6,000 contribution is subject to a phaseout. In general, if you're covered by a qualified retirement plan, you can still contribute to an IRA. However, there are income limits on the deductibility of traditional IRA contributions.A taxpayer's compensation income and tax-filing status determine the amount of the phaseout range.
The phase-out range for single taxpayers contributing to a traditional IRA in 2021, and who are also active participants in an employer's qualified retirement plan, is $66,000 to $76,000. To determine the amount that can be deducted, the contribution amount should be reduced by any contributions excluded from income under an employer's plan, which is the case for Myers since he is an active participant in his employer's qualified retirement plan. Myers can deduct $1,000 for his $6,000 contribution.
Therefore, he will be able to deduct only $1,000 of his $6,000 contribution to a traditional IRA due to the phaseout of the IRA Deduction of an Active Participant.
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