William is a single writer (age 35) who recently decided that he needs to save more for
Question:
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2018 AGI before the IRA contribution deduction is $66,000 (all earned income).
a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2018?
b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2018?
c. Assuming the same facts as in part (b) except William’s AGI before the IRA contribution deductionis $76,000, what is the maximum deductible IRA contribution William can make in 2018?
Step by Step Answer:
a 5500 Because William is not covered by an employer provided retirement plan his deductible contrib...View the full answer
Taxation Of Individuals And Business Entities 2019 Edition
ISBN: 9781259918391
10th Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
