Question: Jack a single taxpayer, decided that it would be a good idea to set some money aside in the form of an individual retirement account.

Jack a single taxpayer, decided that it would be a good idea to set some money aside in the form of an individual retirement account. He has learned about the current and future benefits of opening a Roth IRA account, and decided that he can afford to contribute $6,000 to his Roth IRA in 2020. Andrew’s adjusted gross income for the current year amounts to $127,750. How much is Jacks contribution deduction going to be reduced by in 2020?

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