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Michaels compensation is $130,000 per year. Michael, 40 and single, wants to maximize his contributions to his IRAs, maximizing his Roth contribution first. Assuming Michael

Michael’s compensation is $130,000 per year. Michael, 40 and single, wants to maximize his contributions to his IRAs, maximizing his Roth contribution first.

  1. Assuming Michael does not participate in a qualified retirement plan, what are his IRA contributions and his AGI?
  2. Assuming Michael does participate in a qualified retirement plan, what are his IRA contributions and his AGI?

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