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What is Penny saver credit

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Reference no: EM132570192

Question - Penny is 57 years old and she participates in her employer's 401(k) plan. During the year, she contributed $2,000 to her 401(k) account. Penny's AGI is $29,000 after deducting her 401(k) contribution.

What is Penny's saver's credit in each of the following alternative scenarios?

a. Penny is not married and has no dependents.

d. Penny is married and files a joint return with her husband. They have three dependents.

Reference no: EM132570192

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