John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain)
Question:
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income.
a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2018?
b. If he does participate in an employer sponsored plan, what is the maximum deductible IRA contribution John can make in 2018?
c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2018 if he has earned income of $10,000?
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a 3000 Deductible contributions to an IRA account are limited to the lesser of 5500 or earned income ...View the full answer
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Muhammad Umair
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Related Book For 
Essentials Of Federal Taxation 2019
ISBN: 9781260190045
10th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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