Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer
Question:
Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,000 to a traditional IRA. In each of the following cases, compute the AGI on their joint return.
a. AGI before an IRA deduction is $129,000.
b. AGI before an IRA deduction is $196,100.
Assume the taxable year is 2018.
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a Mr Gilberts contribution is not deductible because he is an active participant and AGI is m...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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