5. Joseph is a 51-year-old, unmarried taxpayer who is an active participant in sponsored qualified retirement...

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5. Joseph is a 51-year-old, unmarried taxpayer who is an active participant in sponsored qualified retirement plan at Arimathea, Inc. Before IRA contributions, his AGI is $75,000 in 2023. AGI limitations are below. (2 points each) a. What is the maximum amount he can contribute to a traditional IRA? $ C. b. What is the maximum amount he can deduct for a contribution to a traditional IRA? $ Assuming that Joseph decides against contributing to a traditional IRA: What is the maximum amount he can contribute to a Roth IRA? $ d. What is the maximum amount he can deduct for a contribution to a Roth IRA? $ IRA Phaseout Limitation (you must know how to apply the limitation to the extent that it is applicable): Traditional IRA: Active participants AGI phase-out ranges are $73,000 to $83,000 (single) or $116,000 to $136,000 (married filing jointly). 5. Joseph is a 51-year-old, unmarried taxpayer who is an active participant in sponsored qualified retirement plan at Arimathea, Inc. Before IRA contributions, his AGI is $75,000 in 2023. AGI limitations are below. (2 points each) a. What is the maximum amount he can contribute to a traditional IRA? $ C. b. What is the maximum amount he can deduct for a contribution to a traditional IRA? $ Assuming that Joseph decides against contributing to a traditional IRA: What is the maximum amount he can contribute to a Roth IRA? $ d. What is the maximum amount he can deduct for a contribution to a Roth IRA? $ IRA Phaseout Limitation (you must know how to apply the limitation to the extent that it is applicable): Traditional IRA: Active participants AGI phase-out ranges are $73,000 to $83,000 (single) or $116,000 to $136,000 (married filing jointly).