In 2021, Susan (44
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80bc8d0e-03e6-4680-95d6-a8448e478227%2Fe29c4cbe-cae6-4c9e-b1f7-227ede63e35d%2F6as7h5_processed.png&w=3840&q=75)
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.)

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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