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A single taxpayer contributed $6,300 to their traditional IRA on November 4, 2020. Payer is covered under their employer's retirement program. The following is the
A single taxpayer contributed $6,300 to their traditional IRA on November 4, 2020. Payer is covered under their employer's retirement program. The following is the total income for 2020:
Wages: $72k
Dividends: 4.8k
Interest: 8k
Veteran ED Benefits: $5k
What is the allowable IRA deduction on their 2020 income tax return?
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