LO.5 Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her
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LO.5 Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018.
a. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct.
b. Assume instead that Janet 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 2018? What amount will be vested?
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Saud Ur Rehman
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Related Book For 
Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
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