On February 15, 2017, Jamal, who is single and age 30, establishes a traditional IRA and contributes
Question:
a. What amount of the contribution is deductible? In what year is it deductible?
b. How is the deduction (if any) reported (i.e., for AGI or from AGI)?
c. How would your answer to Part a change, if at all, if Jamal were not an active participant in an employer-sponsored retirement plan?
d. How would your answer to Part a change if Jamal were married and files a joint return with his spouse, who has no earned income? (Assume their combined AGI is $85,000.)
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a Jamal may deduct 2200 of the contribution for tax year 2016 as the contribution was made by the du...View the full answer
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Related Book For
Federal Taxation 2017 Comprehensive
ISBN: 9780134421438
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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