In 2020, a taxpayer who is under 50 years of age and not an active participant...
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In 2020, a taxpayer who is under 50 years of age and not an active participant in a retirement plan may deduct a contribution of up to $6,000 to a traditional IRA, subject to the earned income limitation. True False In 2020, a taxpayer who is under 50 years of age and not an active participant in a retirement plan may deduct a contribution of up to $6,000 to a traditional IRA, subject to the earned income limitation. True False
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TRUE The limitation applies only to earned income that is compensation for services and not to inves... View the full answer
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date:
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