Myers, who is single, has compensation income of $69,000 in 2017. He is an active participant in

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Myers, who is single, has compensation income of $69,000 in 2017. He is an active participant in his employer€™s qualified retirement plan. Myers contributes $5,500 to a traditional IRA. Of the $5,500 contribution, how much can Myers deduct?
See Exhibit 19.3, Phaseout of IRA Deduction of an Active Participant in 2017.

Phaseout Begins* AGI Filing Status Single and head of household Married, filing joint return Married, filing separate re

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South Western Federal Taxation Individual Income Taxes 2018

ISBN: 9781337385893

41st Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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Question Posted: Jul 28, 2018 11:39 AM

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Myers, who is single, has compensation income of $69,000 in 2017. He is an active participant in

Question:

Phaseout Begins* AGI Filing Status Single and head of household Married, filing joint return Married, filing separate return Phaseout Ends $ 72,000 119,000 10,000 $62,000 99,000 -0-

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For 2017 the contribution ceiling is the smaller of 5500 or 11000 for spousal IRAs or 00 of compensa...View the full answer

South Western Federal Taxation Individual Income Taxes 2018

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