Myers, who is single, has compensation income of $68,000 in 2016. He is an active participant in
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Myers, who is single, has compensation income of $68,000 in 2016. He is an active participant in his employer's qualified retirement plan. Myers contributes $5,500 to a traditional IRA. Of the $5,500 contribution, how much can Myers deduct? See Exhibit 19.3, Phaseout of IRA Deduction of an Active Participant in 2016.
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For 2016 the contribution ceiling is the smaller of 5500 or 11000 for spousal IRAs or 100 of compens...View the full answer
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Related Book For 
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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