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 29, is single and an active participant in a qualified retirement plan. Her modified AGI is $75,000 in 2023.
Click here to access Exhibit 11.2. 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 $
Feedback
Check My Work
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 4% of her compensation to the account,
while her employer contributes 3%.
Jong will contribute $
to her SIMPLE IRA account. Her employer will contribute $
. The amount that will
vest immediately is $
x.
 Jong, age 29, is single and an active participant in a

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!