Karen, 28 years old and a single taxpayer, has a salary of $31,000 and rental income of $33,000 for the 2018 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 $63,000 $73,000. a. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2018?
Karen, 28 years old and a single taxpayer, has a salary of $31,000 and rental income of $33,000 for the 2018 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 $63,000 $73,000. a. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2018?
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 3P: Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for...
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Transcribed Image Text:Karen, 28 years old and a single taxpayer, has a salary of $31,000 and
rental income of $33,000 for the 2018 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
$63,000 - $73,000.
a. What is the maximum amount that Karen may deduct for contributions
to her traditional IRA for 2018?
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