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Calculate the amount Janet can contribute

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Reference no: EM132673262

Problem - Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $66,000 in 2019.

Required -

a. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct.

b. Assume instead that Janet is a participant in a SIMPLE IRA and that she elects to contribute 4% of her compensation to the account and her employer contributes 3%. What amount will be contributed for 2019? What amount will be vested?

Reference no: EM132673262

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