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Tom, single, also participates in a qualified retirement plan at work and has modified AGI of $200,000. What is the maximum amount of Roth IRA he can contribute? For this question only, use the following Roth IRA phase-out range to calculate the maximum Roth IRA contribution: Single: B/t $118k and $133k MAGI ($15k range) MFJ: B/t $186k and $196k ($10k range)

Tom, single, also participates in a qualified retirement plan at work and has modified AGI of $200,000. What is the maximum amount of Roth IRA he can contribute? For this question only, use the following Roth IRA phase-out range to calculate the maximum Roth IRA contribution: Single: B/t $118k and $133k MAGI ($15k range) MFJ: B/t $186k and $196k ($10k range)

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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Tom, single, also participates in a qualified retirement plan at work and has modified AGI of $200,000. What is the maximum amount of Roth IRA he can contribute? For this question only, use the following Roth IRA phase-out range to calculate the maximum Roth IRA contribution: Single: B/t $118k and $133k MAGI ($15k range) MFJ: B/t $186k and $196k ($10k range)
Transcribed Image Text:Tom, single, also participates in a qualified retirement plan at work and has modified AGI of $200,000. What is the maximum amount of Roth IRA he can contribute? For this question only, use the following Roth IRA phase-out range to calculate the maximum Roth IRA contribution: Single: B/t $118k and $133k MAGI ($15k range) MFJ: B/t $186k and $196k ($10k range)
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