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Answer the following independent questions with respect to traditional IRA contributions for 2022. a. Juan, age 41, earns a salary

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Answer the following independent questions with respect to traditional IRA contributions for 2022.

a. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. What is the maximum total deductible contribution to their IRAs?

b. Abby, age 29, reports earned income of $25,000, and her husband, Sam, reports earned income of $2,600. They are not active participants in any other qualified plan. What is the maximum contribution to their IRAs?

c. Leo’s employer makes a contribution of $3,500 to Leo’s simplified employee pension plan. If Leo is single, he reports earned income of $32,000, and his AGI is $29,000, what amount, if any, can he contribute to an IRA?

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South Western Federal Taxation 2023 Comprehensive Volume

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Details
Chapter # 9- Deductions: Employee and Self-Employed-Related Expenses
Section: Discussion Questions
Problem: 35
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Question Posted: September 24, 2023 06:45:42
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