Question: Jong, age 2 9 , is single and an active participant in a qualified retirement plan. Her modified AGI is $ 7 5 , 0
Jong, age is single and an active participant in a qualified retirement plan. Her modified AGI is $ in
Click here to access Exhibit Do not round intermediate computations.
Calculate the amount Jong can contribute to a traditional IRA and the amount that she can deduct.
a Jong can contribute $
X to her traditional IRA, but she can deduct $
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If the taxpayer is an active participant in another qualified plan, the traditional IRA deduction limitation is phased out proportionately between
certain AGI ranges.
b Assume instead that Jong is a participant in a SIMPLE IRA and that she elects to contribute of her compensation to the account,
while her employer contributes
Jong will contribute $
to her SIMPLE IRA account. Her employer will contribute $
The amount that will
vest immediately is $
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