Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,895...

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Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,895 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary and $7,970 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. IRA deduction $ 6,000 < Required A Required B > Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,895 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary and $7,970 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. IRA deduction $ 6,000 < Required A Required B >

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The maximum IRA contribution for individuals under the age of 50 is 6000 a If Ms Rays current year i... View the full answer