Question

for 2018 which one of the following taxpayer covered by employer retirement plan may FULLY DEDUCT...

for 2018 which one of the following taxpayer covered by employer retirement plan may FULLY DEDUCT their traditional IRA contribution?

kelli files single Her Modified AGI is $63200

marks files head of household. His modified AGI is $64,000

Samantha files a joint return as a surviving spouse. Her modified AGI is $91.000

Donald is married and files a joint return. The couples modified AGI is $101,500

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Answer #1

Individual retirement Account contribution can be deducted fuly if the person's income level is below certain limit or the person or spouse do not participate in the retirement plan at work.In other cases,the maximum contribution that can be deducted is limited to $5500 if the person's age is below 50 and $6500 if the person's age is above 50.

In the above question it is give that all the parties are covered by employer retirement plan. Samantha can fully deduct her traditional IRA contribution since her Modified AGI is below 99000.

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