In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. a. Susan's salary and the couple's AGI before any IRA contribution deductions is $224,000. The couple files a joint tax return. Maximum deductible IRA contribution Maximum deductible IRA contribution Susan b. Susan's salary and the couple's AGI before any IRA contribution deductions is $140,000. The couple files a joint tax return. Maximum deductible IRA contribution Susan Dan c. Susan's salary and the couple's AGI before any IRA contribution deductions is $85,000. The couple files a joint tax return. Susan Dan Susan d. Susan's salary and her AGI before the IRA contribution deduction is $85,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns. Dan Dan
In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. a. Susan's salary and the couple's AGI before any IRA contribution deductions is $224,000. The couple files a joint tax return. Maximum deductible IRA contribution Maximum deductible IRA contribution Susan b. Susan's salary and the couple's AGI before any IRA contribution deductions is $140,000. The couple files a joint tax return. Maximum deductible IRA contribution Susan Dan c. Susan's salary and the couple's AGI before any IRA contribution deductions is $85,000. The couple files a joint tax return. Susan Dan Susan d. Susan's salary and her AGI before the IRA contribution deduction is $85,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns. Dan Dan
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 41P
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Transcribed Image Text:In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her
husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA
contribution for each spouse in the following alternative situations.
Note: Leave no answers blank. Enter zero if applicable.
a. Susan's salary and the couple's AGI before any IRA contribution deductions is $224,000. The couple files a joint tax return.
Maximum deductible IRA contribution
Maximum deductible IRA contribution
b. Susan's salary and the couple's AGI before any IRA contribution deductions is $140,000. The couple files a joint tax return.
Susan
Maximum deductible IRA contribution
Susan
Maximum deductible IRA contribution
c. Susan's salary and the couple's AGI before any IRA contribution deductions is $85,000. The couple files a joint tax return.
Dan
Susan
Dan
Susan
d. Susan's salary and her AGI before the IRA contribution deduction is $85,000. Dan reports $5,000 of AGI before the IRA contribution
deduction (earned income). The couple files separate tax returns.
Dan
Dan
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