Dori is 58 years old and retired in 2019. She receives a pension of $25,000 a year and no other income. She wishes to put the maximum allowed into an IRA. How much can she contribute to her IRA? I answered $7,000 since she is over 50 and can contribute an extra $1000 Is this correct?
Dori is 58 years old and retired in 2019. She receives a pension of $25,000 a year and no other income. She wishes to put the maximum allowed into an IRA. How much can she contribute to her IRA? I answered $7,000 since she is over 50 and can contribute an extra $1000 Is this correct?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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income tax problem
Dori is 58 years old and retired in 2019. She receives a pension of $25,000 a year and no other income. She wishes to put the maximum allowed into an IRA. How much can she contribute to her IRA?
I answered $7,000 since she is over 50 and can contribute an extra $1000
Is this correct?
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