Question
Myers, who is single, reports compensation income of $68,800 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000
Myers, who is single, reports compensation income of $68,800 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA.
Click here to access Exhibit 11.2 Phaseout of IRA Deduction of an Active Participant
.Phaseout of Traditional IRA Deduction of an Active Participant in 2022
| AGI, Filing Status | Phaseout Begins | Phaseout Ends |
|---|---|---|
| Single and head of household | $68,000 | $78,000 |
| Married, filing joint return | 109,000 | 129,000 |
| Married, filing separate return | 0 | 10,000 |
Do not round any division. If required, round your answer to the nearest dollar.
Of the $6,000 contribution, how much can Myers deduct? $fill in the blank 1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
