Question
Martin retired in May 2020. His pension is $1,000 per month from a qualified retirement plan to which he contributed $42,000, and to which his
a. Using the simplified method, calculate Martin's taxable income for 2020 from the retirement plan distributions.
b. If Martin's contributions to the plan had been $25,200, instead of $42,000, using the simplified method, how much taxable income would he have to report in 2020 from the plan distributions?
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Fundamentals Of Taxation 2016
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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