Which of the following taxpayers may potentially qualify for the retirement savings contributions credit (Saver's Credit)? Person A . She is married but will file a separate return. Her 2020 modified adjusted gross income was $29,950. She contributed to a Roth IRA. Person B. He will use the single filing status. His 2020 modified adjusted gross income was $31,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA. Person C. He will use the head of household filing status. His 2020 modified adjusted gross income was $51,000. He contributed to a traditional IRA. Zee and Kay. They are a married couple filing a joint return. Their 2020 modified adjusted gross income was $69,000. Veronica made voluntary contributions to her company's 401(k) plan.
Which of the following taxpayers may potentially qualify for the retirement savings contributions credit (Saver's Credit)? Person A . She is married but will file a separate return. Her 2020 modified adjusted gross income was $29,950. She contributed to a Roth IRA. Person B. He will use the single filing status. His 2020 modified adjusted gross income was $31,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA. Person C. He will use the head of household filing status. His 2020 modified adjusted gross income was $51,000. He contributed to a traditional IRA. Zee and Kay. They are a married couple filing a joint return. Their 2020 modified adjusted gross income was $69,000. Veronica made voluntary contributions to her company's 401(k) plan.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following taxpayers may potentially qualify for the retirement savings contributions credit (Saver's Credit)?
- Person A . She is married but will file a separate return. Her 2020 modified adjusted gross income was $29,950. She contributed to a Roth IRA.
- Person B. He will use the single filing status. His 2020 modified adjusted gross income was $31,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA.
- Person C. He will use the head of household filing status. His 2020 modified adjusted gross income was $51,000. He contributed to a traditional IRA.
- Zee and Kay. They are a married couple filing a joint return. Their 2020 modified adjusted gross income was $69,000. Veronica made voluntary contributions to her company's 401(k) plan.
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