Problem $15-33($Static$)[$LO $15-7]$

Ms$.$ Ray is age $46$ and single. This year, Ms$.$ 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. Ms$.$ 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 $$81,250$ salary.

c$.$ Compute Ms$.$ Ray's IRA deduction if current year income includes $$81,250$ salary and $$7,970$ dividend income.

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Compute Ms$.$ Ray's IRA deduction if current year income includes $$50,000$ salary.

IRA deduction