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Frank and Jean file a Married Filing Joint Return. They have an AGI of $61,500 for 2023. Frank contributed $1,000 to a traditional IRA and
Frank and Jean file a Married Filing Joint Return. They have an AGI of $61,500 for 2023. Frank contributed $1,000 to a traditional IRA and $2,000 to a 401(k) plan at work. He has heard that in addition to the tax deferral benefits of 401(k) and traditional IRA contributions, he might also be eligible for a special retirement savings contribution credit. Which of the following statements is correct? Question 14Select one: a. He would be eligible for a credit of $300. b. Contributions to traditional IRAs and 401(k)s do not qualify for the retirement savings contribution credit. c. Frank and Jean's joint AGI is over the limit to qualify for the credit. d. He would be eligible for a credit of $600.
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