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What is the maximum amount Donald can give

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Reference no: EM132703098

Problem - Donald, a wealthy banker, has a 24-year-old son, Junior, that has struggled to keep a job. In 2018, Junior generated wage income of $17,000. Junior is not a dependent of Donald and Junior's 2018 tax liability is $500. Donald is considering gifting Junior some funds if he agrees to contribute the gift to an IRA in 2018. What is the maximum amount Donald can give that will not exceed Junior's maximum Saver's Credit in 2018?

Reference no: EM132703098

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