Desmond is 25 years old, and he participates in his employers 401(k) plan. During the year, he

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Desmond is 25 years old, and he participates in his employer’s 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond’s saver’s credit in each of the following alternative scenarios?

a. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000

b. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $17,500.

c. Desmond files as a head of household and has AGI of $44,000.

d. Desmond and his wife file jointly and report an AGI of $30,000 for the year.

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Taxation Of Individuals And Business Entities 2021

ISBN: 9781260247138

12th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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