Sara is a single taxpayer who is 43 years old. She is an active participant in her

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Sara is a single taxpayer who is 43 years old. She is an active participant in her employer's pension plan. Sara's 2020 AGI is $67,000.

a. Calculate Sara's maximum IRA deduction.

b. What is her maximum IRA deduction if she does not participate in an employer-sponsored retirement plan?

Suppose Sara's income is $20,000 and she contributed $500 to her employer's 401K plan. She had zero distributions.

a. Calculate the saver's credit for her qualified retirement savings contribution.

b. Determine the percentage needed to calculate the credit.

Posted Date: Oct 30, 2021 10:33 PM

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Sara is a single taxpayer who is 43 years old. She is an active participant in her

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