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Four single individuals Donald , Bernie, Kamala and Warren come into your office seeking your sage advice and financial wisdom . Donald, age 6 3
Four single individuals Donald Bernie, Kamala and Warren come into your office seeking your sage advice and financial wisdom
Donald, age has no job and is living off his substantial stock and bond portfolio which gives him $ of annual interest and dividend income.
Berni, age works as a CPA and has a salary of $ with no retirement plan
Kamala, age is an attorney with a salary of $ with a k Defined Contribution Plan.
Warren, age is a CEO making $ and a Defined Benefit pension plan.
a Which of these four can make a maximum contribution to a Traditional IRA? How much is that contribution for each?
b Which of these four can get a full tax deduction for their traditional IRA contribution?
c Which of these four can make a maximum contribution to a Roth IRA?
d Which of these four can get a full tax deduction for their Roth IRA contribution??
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