What is the maximum IRA contribution that Mr JP can
What is the maximum IRA contribution that Mr. JP can make under each of the following assumptions?
a. He is age 20 and single. His only income item is $13,200 interest from a trust fund.
b. He is age 40 and single. His only income item is a $31,900 share of ordinary income from a partnership.
c. He is age 60 and single. His only income item is $24,200 wages from his job.
d. He is age 46 and files a joint return with his wife. His sole proprietorship generates a $7,720 loss, and his wife’s salary is $43,000.
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