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Sal, single and age 72, is a participant of his employer's qualified profit-sharing plan. For the current year he received a profit-sharing contribution of
Sal, single and age 72, is a participant of his employer's qualified profit-sharing plan. For the current year he received a profit-sharing contribution of $1,200. Sal would like to make a deductible IRA contribution. If Sal's AGI is $49,000 (comprised of $15,000 of W-2 earnings, and the rest as Social Security and portfolio income), what is the maximum deductible IRA contribution Sal can make for 2018?
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Fundamentals Of Taxation 2016
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
9th Edition
1259812774, 978-1259812774
