Question
Individual Retirement Accounts (LO 5.3) Karen, 28 years old and a single taxpayer, has a salary of $38,000 and rental income of $33,000 for the
Individual Retirement Accounts (LO 5.3)
Karen, 28 years old and a single taxpayer, has a salary of $38,000 and rental income of $33,000 for the 2022 calendar tax year. Karen is covered by a pension through her employer. AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $68,000 $78,000.
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a. What is the maximum amount that Karen may deduct for contributions to her IRA for 2022? $
Question Content Area
b. If Karen is a calendar year taxpayer and files her tax return on August 15, what is the last date on which she can make her contribution to the IRA and deduct it for 2022?
Please explain. I greatly appreciate it :)
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