Question: What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: a. Josh is age 20 and single.

What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: a. Josh is age 20 and single. Josh's only income item is $12,500 interest from a trust fund. b. Josh is age 40 and single. Josh's only income item is a $39,300 share of ordinary income from a partnership. c. Josh is age 60 and single. Josh's only income item is $27,000 wages. d. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,380 loss, and the spouse's sal $40,600. a. Maximum contribution b. Maximum contribution c. Maximum contribution d. Maximum contribution Amount

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