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Business, 25.12.2020 22:10 jazzwok

Myers, who is single, has compensation income of $72,000 in 2020. He is an active participant in his employer’s qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct? Phaseout of IRA Deduction of an Active Participant in 2019 AGI Filing Status Phaseout Begins Phaseout Ends Single and head of household 64,000 73,000Married, filing joint return 103,000 123,000 Married, filing separate return -0- 10,000

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Myers, who is single, has compensation income of $72,000 in 2020. He is an active participant in his...
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