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What is the maximum amount that karen may deduct

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Reference no: EM132772649

Problem 1: Karen is 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2020 calendar tax year. Karen is covered by a pension through her employer. AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $65,000 - $75,000. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2020?

Reference no: EM132772649

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