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What is the maximum IRA contribution that Mr. Janson can make under each of the following assumptions? a. He is age 20 and single. His
What is the maximum IRA contribution that Mr. Janson can make under each of the following assumptions? a. He is age 20 and single. His only income item is $13,400 interest from a trust fund. b. He is age 40 and single. His only income item is a $32,000 share of ordinary income from a partnership c. He is age 60 and single. His only income item is $27,200 wages from his job. d. He is age 46 and files a joint return with his wife. His sole proprietorship generates a $7,230 loss, and his wife's salary is $49,600 Answer is complete but not entirely correct. a. Maximum contribution $ 5,000 b. Maximum contribution $31,900 c. | Maximum contribution $10,000 d. Maximum contribution 30,000
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