John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain)
Question:
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income.
a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2016?
b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2016?
c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2016if he has earned income of $10,000?
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a 3000Deductible contributions to an IRA account are limited to the lesser of 5500 or earned income ...View the full answer
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Related Book For 
Taxation Of Individuals 2017
ISBN: 9781259548666
8th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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