Lois, a single taxpayer, contributed $1,200 to her traditional IRA in 2019. If she received a $240 saver’s credit and was not an

Question

serg [7]

3 years ago

8

Lois, a single taxpayer, contributed $1,200 to her traditional IRA in 2019. If she received a $240 saver’s credit and was not an

active participant in an employer-sponsored retirement plan, how much of the contribution can she deduct?

Business

1 answer:

-Dominant- [34] · Answer 1 · 2021-12-14T19:10:26+03:00

Answer:

$960

Explanation:

Given the information from the question. We need to calculate the contribution can she deduct Since Lois paid $1200 to customary IRA and she received a $240 savers credit. Thus, she will get derivation commitment less savers credit .as a result to get contribution can she deduct is $1200-$240= $960. Therefore, the correct answer is $960.