Question
Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen
Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 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 $64,000 – $74,000.
a. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2019?
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 2019?
Step by Step Solution
3.47 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
a Particulars Explanation Amount Deduction for traditional IRA contribution Fo...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2017
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
35th Edition
1305872738, 978-1337669689, 1337669687, 978-0357690796, 978-1305872738
