33. LO.5 Jong, age 29, is single and is an active participant in a qualified retirement plan....

Question:

33. LO.5 Jong, age 29, is single and is an active participant in a qualified retirement plan. Her modified AGI is $68,000 in 2021.

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 2021? What amount will be vested?

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