Lois and Kam are married and file a joint return. Lois earns $64,500 and Kam earns $40,000.

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Lois and Kam are married and file a joint return. Lois earns $64,500 and Kam earns $40,000. Their adjusted gross income is $114,000. Determine the maximum IRA contribution and deduction in each of the following cases:

a. Neither Lois nor Kam is covered by an employee-sponsored pension plan.

b. Both Kam and Lois are covered by an employee-sponsored pension plan.

c. Assume that only Kam is covered by an employer-sponsored pension plan and that their adjusted gross income is $154,000.

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Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

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Question Posted: Nov 18, 2020 12:12 AM

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Lois and Kam are married and file a joint return. Lois earns $64,500 and Kam earns $40,000.

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a Maximum contribution is 12000 Deduction is 12000 Both taxpayers have earned income Because neither ...View the full answer

Concepts In Federal Taxation 2021

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