Zorica and Pierre are married and file a joint return. Zorica earns $59,500, and Pierre earns $45,000.

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Zorica and Pierre are married and file a joint return. Zorica earns $59,500, and Pierre earns $45,000. Their adjusted gross income is in 2020 $110,000. Determine the maximum IRA contribution and deduction in each of the following cases:

a. Neither Zorica nor Pierre is covered by an employer-sponsored pension plan.

b. Only Zorica is covered by an employer-sponsored pension plan.

c. Assume the same facts as in part b, except that Pierre has no income, and their adjusted gross income is $128,000.

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Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

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Question Posted: Nov 18, 2020 01:06 AM

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Zorica and Pierre are married and file a joint return. Zorica earns $59,500, and Pierre earns $45,000.

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a Because neither Zorica nor Pierre are covered by a pension plan any amounts that they are eligible ...View the full answer

Concepts In Federal Taxation 2021

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