Jacob Patterson cannot make a fully deductible $6,000 IRA contribution because his AGI exceeds the phaseout range.
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Jacob Patterson cannot make a fully deductible $6,000 IRA contribution because his AGI exceeds the phaseout range. Instead, he makes a $3,500 nondeductible IRA contribution to his traditional IRA. Determine how Jacob reports this on his tax return, and complete the appropriate form that he should attach to his Form 1040.
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Related Book For
South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109175
23rd Edition
Authors: Annette Nellen, James C. Young, William A. Raabe, David M. Maloney
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