Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified

Question:

Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $64,000 in 2017.
a. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct.
b. Assume instead that Janet is a participant in a SIMPLE IRA and that she elects to contribute 4% of her compensation to the account, while her employer contributes 3%. What amount will be contributed for 2017? What amount will be vested?