Jong, age 29, is single and an active participant in a qualified retirement plan. Her modified AGI

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Jong, age 29, is single and an active participant in a qualified retirement plan. Her modified AGI is $70,000 in 2022.

a. Calculate the amount Jong can contribute to a traditional IRA and the amount she can deduct.

b. Assume instead that Jong is a participant in a SIMPLE IRA and that she elects to contribute 4% of her compensation to the account, while her employer contributes 3%. What amount will be contributed for 2022? What amount will be vested?

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South Western Federal Taxation 2023 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357720103

26th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Posted: Sep 28, 2023 05:07 AM

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Jong, age 29, is single and an active participant in a qualified retirement plan. Her modified AGI

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South Western Federal Taxation 2023 Essentials Of Taxation Individuals And Business Entities

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