In 2020, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored
Question:
In 2020, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and is unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations.
a. Susan’s salary and the couple’s AGI before any IRA contribution deductions is $199,000. The couple files a joint tax return.
b. Susan’s salary and the couple’s AGI before any IRA contribution deductions is $129,000. The couple files a joint tax return.
c. Susan’s salary and the couple’s AGI before any IRA contribution deductions is $83,000. The couple files a joint tax return.
d. Susan’s salary and her AGI before the IRA contribution deduction is $83,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns.
Step by Step Answer:
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham