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The taxpayer is married filled joints (age 40), with an AGI of $199,000, and is not...

The taxpayer is married filled joints (age 40), with an AGI of $199,000, and is not an active participant in an employer-sponsored plan, but the taxpayers' spouse is an active participant (2020 tax year). Calculate the taxpayer's maximum deduction for traditional IRA contribution.

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Answer #1

Individual Retirement Account :-

Individual retirement account is an account created with a financial institution to save for future ie; retirement planning .It has three types of plans those are tradition IRA Roth IRA and Rollover IRA (401k and 403b).

The taxpayer is married filled joints (age 40)with an AGI of $199,000 and is not an active participant in an employer - sponsored plan but the taxpayers spouse is an active participant (2020 tax year ). calculate the taxpayers maximum deduction for traditional IRA contribution.

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