Exercise 11-10 (Algorithmic) (LO. 5) Myers, who is single, reports compensation income of $67,700...
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Exercise 11-10 (Algorithmic) (LO. 5)
Myers, who is single, reports compensation income of $67,700 in 2018. He is an active participant in his employer's qualified retirement plan. Myers contributes $5,500 to a traditional IRA. Of the $5,500 contribution, how much can Myers deduct?
Click here to access Exhibit 11.3 Phaseout of Traditional IRA Deduction of an Active Participant in 2018.
Do not round any division. If required, round your answer to the nearest dollar.
Therefore, of the $5,500 contribution, meyers can deduct?
Homework Answers
Solution:
Amount of the contribution that is deductible:
= ($73,000 - $67,700) * $5,500 / ($73,000 - $63,000)
= $5,300 * $5,500 / $10,000
= $2,915
Therefore, Myers can deduct $2,915.
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