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Ron, a single taxpayer, contributed $6,300 to his traditional IRA on November 4, 2020. He is covered under his employer's retirement program. The following is
Ron, a single taxpayer, contributed $6,300 to his traditional IRA on November 4, 2020. He is covered under his employer's retirement program. The following is Ron's total income for 2020:
Wages: $72k
Dividends: 4.8k
Interest: 8k
Veteran ED Benefits: $5k
What is his allowable IRA deduction on his 2020 income tax return?
A 1.8K
B 0
C 6K
D 6.3K
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