jane 49 contributed 6000 to her ira on November 11 2018 she comes into your office...
jane 49 contributed 6000 to her ira on November 11 2018 she comes into your office in February of 2019 as Jane's tax preparer what should you do
Homework Answers
For 2018, your total contributions in IRAs cannot be more than:
- $5,500 or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
So, Jane can deduct $ 5,500 out of $ 6,000 as tax deduction.
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