An employee under the following circumstances

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Reference no: EM131118487

1. Joey, who is single, is not covered by another qualified plan and earns $118,000 at his job in 2015. How much can he contribute to a traditional IRA or to a Roth IRA in 2015?

2. What tax return reporting procedures must be followed by an employee under the following circumstances?

a. Expenses and reimbursements are equal under an accountable plan.

b. Reimbursements at the appropriate Federal per diem rate exceed expenses, and an adequate accounting is made to the employer.

c. Expenses exceed reimbursements under a nonaccountable plan.

Reference no: EM131118487

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