LO.4 Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA
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LO.4 Molly, age 29, is unmarried and is an active participant in a qualified deductible
(traditional) IRA plan. Her modified AGI is $61,000 in 2010.
a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.
b. Assume instead that Molly is a participant in a SIMPLE IRA and that her compensation for the year is $61,000. Molly elects to contribute 4% of her compensation to the account, while her employer contributes 3%. What amount will be contributed for 2010? What amount will be vested?
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Related Book For 
South Western Federal Taxation 2011 Taxation Of Business Entities
ISBN: 9780538498616
14th Edition
Authors: James E. Smith, William A. Raabe, David M. Maloney
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