Desmond is 25 years old and he participates in his employer's 401(k) plan. During the year, he
Question:
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 2016 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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a Because Desmond is not married and has AGI greater than 30750 he is not entitled to any savers cre...View the full answer
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Related Book For 
Taxation Of Individuals 2017
ISBN: 9781259548666
8th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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