John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain)
Question:
a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2014?
b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2014?
c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2014if he has earned income of $10,000?
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a 3000 Deductible contributions to an IRA account are limited to the lesser of 5500 or earned income ...View the full answer
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Divya Munir
I hold M.Sc and M.Phil degrees in mathematics from CCS University, India and also have a MS degree in information management from Asian institute of technology, Bangkok, Thailand. I have worked at a international school in Bangkok as a IT teacher. Presently, I am working from home as a online Math/Statistics tutor. I have more than 10 years of online tutoring experience. My students have always excelled in their studies.
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Related Book For 
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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