William is a single writer (age 35) who recently decided that he needs to save more for

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William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2022 AGI before the IRA contribution deduction is $69,000 (all earned income).
a) If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2022?
b) If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2022?
c) Assume the same facts as in part (b), except William’s AGI before the IRA contribution deduction is $79,000. What is the maximum deductible IRA contribution William can make in 2022?

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Related Book For  answer-question

Taxation Of Individuals And Business Entities 2023 Edition

ISBN: 9781265790295

14th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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