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fyers,

fyers,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 11-10 (Algorithmic) (LO. 5) Myers, who is single, reports compensation income of $71,600 in 2022. 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 11.2 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?
Transcribed Image Text:Exercise 11-10 (Algorithmic) (LO. 5) Myers, who is single, reports compensation income of $71,600 in 2022. 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 11.2 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?
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