Question: Problem 11-33 (LO. 5) Jong, age 29, is single and is an active participant in a qualified retirement plan. Her modified AGI is $68,000 in

Problem 11-33 (LO. 5) Jong, age 29, is single and is an active participant in a qualified retirement plan. Her modified AGI is $68,000 in 2021. Click here to access Exhibit 11.2. Do not round intermediate computations. Calculate the amount Jong can contribute to a traditional IRA and the amount she can deduct. a. Jong can contribute s 5,500 X to her traditional IRA, but she can deduct $ 4,400 x 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, while her employer contributes 3%. 2,040. The amount Jong will contribute 2,720 to her SIMPLE IRA account. Her employer will contribute s that will vest immediately is $ 4,760
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
