For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution 6,000 X a. Juan, age 41, earns qualified plan. His wife, Agnes, generates no earned income. salary of $58,000 and is not an active participant in any other b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. 10,600 x 6,000 x
For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution 6,000 X a. Juan, age 41, earns qualified plan. His wife, Agnes, generates no earned income. salary of $58,000 and is not an active participant in any other b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. 10,600 x 6,000 x
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 42P
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Question
![For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023.
Traditional IRA
a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other
qualified plan. His wife, Agnes, generates no earned income.
b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports
earned income of $4,600. They are not active participants in any other qualified plan.
Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension
plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000.
$
Contribution
6,000 X
10,600 X
6,000 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f93e7fa-e1ea-4bb6-be8a-fe5b18a37fdc%2Fd0f5fac6-f55e-4265-931c-4d5ff0a4fd8c%2Fqmfb42_processed.png&w=3840&q=75)
Transcribed Image Text:For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023.
Traditional IRA
a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other
qualified plan. His wife, Agnes, generates no earned income.
b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports
earned income of $4,600. They are not active participants in any other qualified plan.
Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension
plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000.
$
Contribution
6,000 X
10,600 X
6,000 X
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