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What is the maximum IRA contribution that Mr. Janson can make under each of the following assumptions? Required: He is age 20 and single. His
What is the maximum IRA contribution that Mr. Janson can make under each of the following assumptions?
Required:
- He is age 20 and single. His only income item is $13,000 interest from a trust fund.
- He is age 40 and single. His only income item is a $39,900 share of ordinary income from a partnership.
- He is age 60 and single. His only income item is $25,800 wages from his job.
- He is age 46 and files a joint return with his wife. His sole proprietorship generates a $7,420 loss, and his wifes salary is $47,600.
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