Important Changes for 2001 Coverdell education savings accounts (formerly education IRAs). Education IRAs have been renamed Coverdell education savings accounts. Coverdell education savings accounts are no longer covered in this publication. They are now covered in Publication 970, Tax Benefits for Higher Education. Modified AGI limit for traditional IRAs. For 2001, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA will be reduced (phased out) if your modified adjusted gross income (AGI) is between: $53,000 and $63,000 for a married couple filing a joint return or a qualifying widow(er), $33,000 and $43,000 for a single individual or head of household, or $-0- and $10,000 for a married individual filing a separate return. For all filing statuses other than married filing a separate return, the upper and lower limits of the phaseout range increased by $1,000. For more information, see How Much Can I Deduct? in chapter 1. Simplified rules for minimum required distributions. New rules which became effective in 2001 simplify how minimum required distributions are figured. For most people, the new simplified rules result in lower minimum required distributions. For more information, see When Must I Withdraw IRA Assets? (Required Distributions), in chapter 1.