In 2019, Hunter and Monda (both under age 50) had compensation income of $1,000,000 and $200,000, respectively.
Question:
In 2019, Hunter and Monda (both under age 50) had compensation income of $1,000,000 and $200,000, respectively. Adjusted gross income on their joint return was $1,200,000, and neither taxpayer was a participant in a qualified retirement plan. How much may each contribute to a traditional IRA account and deduct from taxable income?
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For the tax year 2019 individuals under the age of 50 can contribute up to 6000 ...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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