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Mike is 60 years old, married (tax filing married jointly) and him and his wife have combined taxable compensation of $150,000 per year and neither
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Mike is 60 years old, married (tax filing married jointly) and him and his wife have combined taxable compensation of $150,000 per year and neither have employer sponsored retirement plans. Mike's total taxable compensation in 2020 is $40,000. He made a Roth IRA contribution in the amount of $6,000 on April 1, 2020 for tax year 2020. How much can he contribute on a tax deferred basis to a Traditional IRA in tax year 2020?
A. $0
B. $1,000
C. $6,000
D. $7,000
Mike is 60 years old, married (tax filing married jointly) and him and his wife have combined taxable compensation of $150,000 per year and neither have employer sponsored retirement plans. Mike's total taxable compensation in 2020 is $40,000. He made a Roth IRA contribution in the amount of $6,000 on April 1, 2020 for tax year 2020. How much can he contribute on a tax deferred basis to a Traditional IRA in tax year 2020?
| A. | $0 | |
| B. | $1,000 | |
| C. | $6,000 | |
| D. | $7,000 |
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