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In 2021, Susan (44

In 2021, Susan (44

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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am.104.

Required information [The following information applies to the questions displayed below.] In 2021, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. (Leave no answer blank. Enter zero if applicable.)
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] In 2021, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. (Leave no answer blank. Enter zero if applicable.)
a. Susan's salary and the couple's AGI before any IRA contribution deductions is $201,000. The couple files a joint tax return. b. Susan's salary and the couple's AGI before any IRA contribution deductions is $129,000. The couple files a joint tax return. c. Susan's salary and the couple's AGI before any IRA contribution deductions is $83,000. The couple files a joint tax return. d. Susan's salary and her AGI before the IRA contribution deduction is $83,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns.
Transcribed Image Text:a. Susan's salary and the couple's AGI before any IRA contribution deductions is $201,000. The couple files a joint tax return. b. Susan's salary and the couple's AGI before any IRA contribution deductions is $129,000. The couple files a joint tax return. c. Susan's salary and the couple's AGI before any IRA contribution deductions is $83,000. The couple files a joint tax return. d. Susan's salary and her AGI before the IRA contribution deduction is $83,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns.
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