Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,300 to a traditional IRA. Required: a. Compute the AGI on their joint return if AGI before an IRA deduction is $132,000. b. Compute the AGI on their joint return if AGI before an IRA deduction is $204,400.
Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,300 to a traditional IRA. Required: a. Compute the AGI on their joint return if AGI before an IRA deduction is $132,000. b. Compute the AGI on their joint return if AGI before an IRA deduction is $204,400.
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 40P
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