Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $64,000 – $74,000. a. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2019?

Question

28-02-2020
Mathematics

contestada

Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $64,000 – $74,000. a. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2019?

Respuesta :

Otras preguntas

Suppose a market is initially in equilibrium and demand decreases. The producer surplus will:_____. a. be higher since the price is lower and equilibrium moves

Use the circle to represent the following situation and show how you came up with the answer. For lunch, you stop at a Pizza Express, where they sell pizza who

The legislature wants to amend your state constitution you might vote against this law in a(n)

7. Read the sentence and answer the question. Neither light nor moisture is good for food preservation so most food products are packaged immediately after they

Which is the electronic configuration for oxygen?

Find the slope of the graphed line

Hãy trình bày các bộ phận chính trong một bộ điều khiển điện tử (ECU) dùng trên ô tô. Cho biết công dụng của từng thành phần.

Flying against the wind, an airplane travels 3360 kilometers in hours. Flying with the wind, the same plane travels 7560 kilometers in 9 hours. What is the rate

A man and a woman planned to rob a liquor store. The man entered the store while the woman stayed in the car to act as a lookout and getaway driver. As a police

Hart Corporation owns machinery with a book value of $600,000. It is estimated that the machinery will generate future cash flows of $570,000. The machinery has

ajeigbeibraheem ajeigbeibraheem · Answer 1 · 2020-02-29T10:41:50+01:00

Answer:

$4,800

Step-by-step explanation:

The maximum contribution for traditional IRA in 2019 = $6000

Given that;

karen has a salary of $33,000 and rental income of $33,000; then total income = $66,000

AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $64,000 – $74,000.

PhaseOut can be calculated as: [tex]\frac{66,000-64000}{74,000-64,000} *6000[/tex]

= [tex]\frac{2000}{10000} *6000[/tex]

= 0.2 * 6000

= 1200

Therefore, the maximum amount that Karen may deduct for contributions to her traditional IRA for 2019 = The maximum contribution for traditional IRA in 2019 - PhaseOut

= $6000 - $1,200

= $4,800