Octavio, age 42, had the following items of income: Earnings as a general partner in a partnership

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Octavio, age 42, had the following items of income: Earnings as a general partner in a partnership of $400. Workers compensation of $600. Gambling losses of $200. Distribution from profit sharing plan of $1,500. Wages from an S Corp of $2,000. Income from Municipal Bond Portfolio of $100,000. Octavio also contributed $1,000 to his Roth IRA during the year. What is the maximum deduction Octavio can take for a traditional IRA contribution for 2021?

Posted Date: May 06, 2024 03:01 AM

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Octavio, age 42, had the following items of income: Earnings as a general partner in a partnership

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Octavio had 400 in partnership income 600 in workers compensati... View the full answer

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