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1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since...

1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since he does not have any other income or adjustments, his modified adjusted gross income (MAGI) is also $74,000. He is covered by a retirement plan at work. Mark is very interested in saving for retirement, and he would like to contribute to a traditional IRA for 2018. However, he does not want to contribute more than he can deduct, what is his maximum deductible amount for the tax year?

A)$0 B)$1,650 C))$5,500 D)$6,500

2) Ernesto and Janet are married and filing a joint return. Their adjusted gross income was $53,000. Ernesto deferred $3,200 of compensation through his employer's 401(k) plan. Janet contributed $5,500 to her IRA, Assuming that they are not otherwise limited by their liability, What is the amount of their saver's credit?

A)$0 B)$100 C)$200 D)$400

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Answer is highlighted in yellow: As per Year 2018 tax rules. Answer can be different for different tax year: Solution: A)$0 A

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