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Deena earned $128,000 in wages in 2020. She also sold property during the year, resulting in a long-term capital gain of $14,000. She is 48
Deena earned $128,000 in wages in 2020. She also sold property during the year, resulting in a long-term capital gain of $14,000. She is 48 years old and will use the single filing status. She is not covered by an employer-sponsored retirement plan, but she would like to contribute to a Roth IRA for 2020. If Deena has no other income or adjustments, what is the maximum amount she can contribute?
A $0
B $6,000
C $6,500
D $7,000
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