Sal, single and age 72, is a participant of his employer's qualified profit-sharing plan. For the...

  

Transcribed Image Text:

Sal, single and age 72, is a participant of his employer's qualified profit-sharing plan. For the current year he received a profit-sharing contribution of $1,200. Sal would like to make a deductible IRA contribution. If Sal's AGI is $49,000 (comprised of $15,000 of W-2 earnings, and the rest as Social Security and portfolio income), what is the maximum deductible IRA contribution Sal can make for 2018? Sal, single and age 72, is a participant of his employer's qualified profit-sharing plan. For the current year he received a profit-sharing contribution of $1,200. Sal would like to make a deductible IRA contribution. If Sal's AGI is $49,000 (comprised of $15,000 of W-2 earnings, and the rest as Social Security and portfolio income), what is the maximum deductible IRA contribution Sal can make for 2018?

Answer rating: 100% (QA)

Maximum Deductible IRA Contribution for Sal 2018 Heres how to determine Sals maximum deductible IRA ... View the full answer