Question: Mark ( 3 7 ) is a single taxpayer. During the year, he earned $ 8 4 , 3 1 6 , all from wages.
Mark is a single taxpayer. During the year, he earned $ all from wages. Since he does not have any other income or adjustments, his modified adjusted gross income MAGI is also $ He is covered by a retirement plan at work.
Mark is very interested in saving for retirement, and he would like to contribute to a traditional IRA for However, he does not want to contribute more than he can deduct. What is his maximum deductible amount for the tax year?
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