What amount of the contribution is deductible

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Reference no: EM13752980

On February 15, 2013, Jamal, who is single and age 30, establishes an IRA and contributes $5,000 to the account. Jamal’s adjusted gross income is $88,000 in 2013 and $83,000 in 2014. Jamal is an active participant in an employer-sponsored retirement plan in 2013, but not in 2014.

What amount of the contribution is deductible? In what year is it deductible?

Reference no: EM13752980

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