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Myers, who is single, has compensation income of $69,400 in 2020
Myers, who is single, has compensation income of $69,400 in 2020. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Click here to access Exhibit 19.3 Phaseout of IRA Deduction of an Active Participant. Do not round any division. If required, round your answer to the nearest dollar. Of the $6,000 contribution, how much can Myers deduct? 1,650 ? $
Expert Solution
| Particulars | Amount |
| Phaseout ends (based on IRA) | $75,000 |
| Phaseout begins (based on IRA) | $65,000 |
| Compensation income | $69,400 |
| Total contribution | $6,000 |
| Allowable deduction [($75,000 -$69,400)/($75,000 -$65,000)]*$6,000 | $3,360 |
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