Question
Mr. and Mrs. Davos file a joint tax return. Each spouse contributed the maximum $6,000 to a traditional IRA. Required: In each of the following
Mr. and Mrs. Davos file a joint tax return. Each spouse contributed the maximum $6,000 to a traditional IRA.
Required: In each of the following cases, compute the deduction for these contributions. The AGI in each case is before any deduction.
a.) Neither spouse is an active participant in a qualified retirement plan, and their AGI is $128,400.
b.) Mr. Davos is an active participant, but Mrs. Davos is not. Their AGI is $128,400.
c.) Both spouses are active participants, and their AGI is $89,200.
d.) Mr. Davos is self-employed and doesnt have a Keogh plan. Mrs. Davos is an active participant. Their AGI is $110,400. (Do not round intermediate calculations.)
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Financial Accounting
Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin
7th Canadian Edition
0135433061, 9780135433065
