Question
Rob files as a single taxpayer and participates in a qualified retirement plan at work. His modified AGI was $69,600 in Year 1. He contributed
Rob files as a single taxpayer and participates in a qualified retirement plan at work. His modified AGI was $69,600 in Year 1. He contributed $5,000 to his conventional IRA.
How much IRA contribution can he deduct in Year 1?
For this question only, use the following IRA phase-out range to calculate any IRA deduction: Single: b/t $62k and $72k. MFJ: b/t $99k and $119k.
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Accounting Principles A Business Perspective Financial Accounting Chapters 9 To 18
Authors: Bill Buxton, Amy Sibiga
1st Edition
1461160863, 978-1461160861
