Jong, age 29, is unmarried and an active participant in a qualified retirement plan. Her modified...
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Jong, age 29, is unmarried and an active participant in a qualified retirement plan. Her modified AGI is $75,000 in 2023. Click here to access Exhibit 19.4. 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 to her traditional IRA, but she can deduct $ 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 and her employer contributes 3%. Jong will contribute $ to her SIMPLE IRA account. Her employer will contribute The amount that will vest immediately is $ Jong, age 29, is unmarried and an active participant in a qualified retirement plan. Her modified AGI is $75,000 in 2023. Click here to access Exhibit 19.4. 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 to her traditional IRA, but she can deduct $ 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 and her employer contributes 3%. Jong will contribute $ to her SIMPLE IRA account. Her employer will contribute The amount that will vest immediately is $
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