Question
Leon age 45 is an active participant in his employer's defined benefit retirement plan, but he would also like to make a deductible contribution to
Leon age 45 is an active participant in his employer's defined benefit retirement plan, but he would also like to make a deductible contribution to a traditional IRA this year. Leon is married, files a joint return with his wife, and has an AGI of $120,000 in 2022. What is thetraditional IRA contribution reduction amount for him?
Jeff, age 35, is single and has Box 1 wages of $165,000 in 2022. He had $30,000 withheld for federal income tax from his paychecks in 2022. He has 3 children, ages 3, 4, and 5, and they all qualify as Jeff's dependent children. Assume he uses the standard deduction, and head of household filing status for his situation. What is his tax from the table? (Line 16 on the 2022 1040 form)
Sara, who is single, contributed $1,500 to her Roth IRA for 2022. She had MAGI of $17,000 for 2022 and used the single filing status. She has never taken a distribution from a retirement plan. What is her retirement savings credit for 2022?
Step by Step Solution
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Step: 1
To calculate the traditional IRA contribution reduction amount for Leon we need to consider the phaseout limits based on his filing status and income ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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