Mr. and Mrs. Davos file a joint tax return. Each spouse contributed the maximum $6,000 to a traditional IRA. Required: In each of the following cases, compute the deduction for these contributions. The AGI in each case is before any deduction. a.) Neither spouse is an active participant in a qualified retirement plan, and their AGI is $128,400. b.) Mr. Davos is an active participant, but Mrs. Davos is not. Their AGI is $128,400. c.) Both spouses are active participants, and their AGI is $89,200. d.) Mr. Davos is self-employed and doesn't have a Keogh plan. Mrs. Davos is an active participant. Their AGI is $110,400. (Do not round intermediate calculations.)
Mr. and Mrs. Davos file a joint tax return. Each spouse contributed the maximum $6,000 to a traditional IRA. Required: In each of the following cases, compute the deduction for these contributions. The AGI in each case is before any deduction. a.) Neither spouse is an active participant in a qualified retirement plan, and their AGI is $128,400. b.) Mr. Davos is an active participant, but Mrs. Davos is not. Their AGI is $128,400. c.) Both spouses are active participants, and their AGI is $89,200. d.) Mr. Davos is self-employed and doesn't have a Keogh plan. Mrs. Davos is an active participant. Their AGI is $110,400. (Do not round intermediate calculations.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mr. and Mrs. Davos file a joint tax
return. Each spouse contributed the
maximum $6,000 to a traditional IRA.
Required: In each of the following
cases, compute the deduction for
these contributions. The AGI in each
case is before any deduction.
a.) Neither spouse is an active
participant in a qualified retirement
plan, and their AGI is $128,400.
b.) Mr. Davos is an active participant,
but Mrs. Davos is not. Their AGI is
$128,400.
c.) Both spouses are active
participants, and their AGI is $89,200.
d.) Mr. Davos is self-employed and
doesn't have a Keogh plan. Mrs. Davos
is an active participant. Their AGI is
$110,400. (Do not round intermediate
calculations.)
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