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Homework answers / question archive / Myers, who is single, has compensation income of $69,400 in 2020

Myers, who is single, has compensation income of $69,400 in 2020

Accounting

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 ? $

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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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