Michael is single and 35 years old. He is a participant in his employers sponsored retirement plan.

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Michael is single and 35 years old. He is a participant in his employer’s sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2020 in each of the following alternative situations?

a. Michael’s AGI before the IRA contribution deduction is $50,000. Michael contributed $3,000 to a traditional IRA.

b. Michael’s AGI is $80,000 before any IRA contributions.

c. Michael’s AGI is $155,000 before any IRA contributions.

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Related Book For answer-question

Taxation Of Individuals And Business Entities 2021

ISBN: 9781260247138

12th Edition

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

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Question Posted: Dec 31, 2020 05:50 AM

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Michael is single and 35 years old. He is a participant in his employers sponsored retirement plan.

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a 3000 Michael has contributed 3000 to a traditional IRA Because his MAGI was below the ...View the full answer

Taxation Of Individuals And Business Entities 2021

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