Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilberts employer doesnt 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 the maximum $6,000 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.
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a Mr Gilberts contribution is not deductible because he is an active participant and AGI is mor...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2020
ISBN: 9781259969546
23rd Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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