Question
Chapter 9 - Question 6 : Help me to explain this question about contribution and what is the maximum deductible IRA contribution? Thank you Sal,
Chapter 9 - Question 6 :
Help me to explain this question about contribution and what is the maximum deductible IRA contribution? Thank you
Sal, single and age 72, is a participant of his employers qualified profit sharing plan. For the current year he received a profit-sharing contribution of $1,200. Sal would like to make a deductible IRA contribution. If Sals AGI is $49,000 (all comprised $15,000 of W-2 earnings, and the rest as Social Security and portfolio income), what is the maximum deductible IRA contribution Sal can make for 2018?
A. $0
B. $3,000
C. $5,500
D. $6,500
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Restructuring And Innovation In Banking
Authors: Claudio Scardovi
1st Edition
331940203X, 978-3319402031
