John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain)

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John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income.

a. If he does not participate in an employer sponsored plan, what is the maximum deductible IRA contribution John can make in 2019?

b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2019?

c. If he does not participate in an employer sponsored plan, what is the maximum deductible IRA contribution John can make in 2019 if he has earned income of $10,000?

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Related Book For  answer-question

McGraw Hills Essentials Of Federal Taxation 2020 Edition

ISBN: 9781260433128

11th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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