Question
Bill is 22 years old and works as an engineer in Denver, Colorado. Bill would like to know more about tax preferred retirement accounts, specifically
Bill is 22 years old and works as an engineer in Denver, Colorado. Bill would like to know more about tax preferred retirement accounts, specifically Individual Retirement Accounts (IRAs). He would like to know more about the difference between the Traditional IRA and a Roth IRA.
What is the statutory contribution limit for a traditional IRA?
Does this amount stay the same or is there a cost-of-living-adjustment every year?
What does IRS Notice 2020-79 say about the contribution limit for traditional IRA's for 2021?
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Answer The statutory contribution limit for a Traditional IRA is subject to change based on various factors including the taxpayers age and income level As of my knowledge cutoff in September 2021 the ...
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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
Authors: James Smith, William Raabe, David Maloney, James Young
18th Edition
9781285438290, 1285439740, 1285438299, 978-1285439747
