Elaine divorced in 2018 and received taxable alimony of $35,000 in 2020. In addition, she received $2,500 in earnings from a part-time job. What is the maximum IRA contribution that Elaine could have made in 2020 in which she could have deducted on her tax return, assuming that she is 34 and everything was completed on a timely basis?

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To determine the maximum deductible IRA contribution that Elaine could have made in 2020 we need to ... View the full answer