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

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Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $66,000 in 2019.

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 2019? What amount will be vested?

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South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357109175

23rd Edition

Authors: Annette Nellen, James C. Young, William A. Raabe, David M. Maloney

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Question Posted: Dec 17, 2019 08:39 AM

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

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a Only 4800 can be deducted due to the phaseout provision for active participant...View the full answer

South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities

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