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Compute her IRA deduction

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Reference no: EM132656734

Problem - Ms. Ray is age 46 and single. Her employer made a $2,590 contribution to her qualified profit-sharing plan account, and she made the maximum contribution to her traditional IRA.

Required -

a. Compute her IRA deduction if Ms. Ray's $50,700 salary is her only income item.

b. Compute her IRA deduction if Ms. Ray's $68,940 salary is her only income item.

c. Compute her IRA deduction if Ms. Ray's $68,940 salary and $7,480 dividend income are her only income items.

Reference no: EM132656734

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