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tax year 2015 John (age 51 and single) has earned income of $3,000. He has $30,000...

tax year 2015

John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income.

If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2015 if he has earned income of $10,000?
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Answer #1

Answer : Maximum deductible IRA contribution John can make in 2015 if he has earned income of $10,000 = $6,500

Explanation :

When a taxpayer who is age 50 years and over & does not participate in an employer-sponsored plan , for tax year 2015 , he is eligible for maximum deduction of amount equal to earned income or $6,500 whichever is less.

In the given question John 's earned income is $10,000 thus maximum deduction he can claim is $6,500

  

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