Robert, single and age 54, is a participant of his employer’s qualified profit sharing plan. For the current year he received a forfeiture allocation of $25, but the employer did not make any other contribution for the year. Robert would like to make a deductible IRA contribution. If Robert’s AGI is $85,000 (all comprised of W-2 earnings and portfolio income), what is the maximum deductible IRA contribution Robert may make in 2023?

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For the year 2023 the maximum deductible IRA contribution for Robert would be calculated as foll... View the full answer