Dobby the house-elf has dropped all his socks on the floor in the middle of the night! He has 30 red socks, 22 gold socks and 14
1 answer:
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Answer:
$4,800
Step-by-step explanation:
The maximum contribution for traditional IRA in 2019 = $6000
Given that;
karen has a salary of $33,000 and rental income of $33,000; then total income = $66,000
AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $64,000 – $74,000.
PhaseOut can be calculated as:
=
= 0.2 * 6000
= 1200
Therefore, the maximum amount that Karen may deduct for contributions to her traditional IRA for 2019 = The maximum contribution for traditional IRA in 2019 - PhaseOut
= $6000 - $1,200
= $4,800
Combining like terms on the left-hand side gives us Adding 10 to both sides gives
and dividing both sides by 5 gives our answer of