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What is the maximum IRA contribution that Mr. Janson can make under each of the following assumptions? He is age 20 and single. His only
What is the maximum IRA contribution that Mr. Janson can make under each of the following assumptions?
- He is age 20 and single. His only income item is $13,400 interest from a trust fund.
- He is age 40 and single. His only income item is a $37,700 share of ordinary income from a partnership.
- He is age 60 and single. His only income item is $20,900 wages from his job.
- He is age 46 and files a joint return with his wife. His sole proprietorship generates a $7,140 loss, and his wifes salary is $43,600.
Please show work, I have tried to so many times. I would like to see hos you will solve it.
thank you
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