Aaron files as a single taxpayer and does not participate in a qualified retirement plan...
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Accounting
Aaron files as a single taxpayer and does not participate in a qualified retirement plan at work. His modified AGI was $69,600 in Year 1. He contributed $5,000 to his conventional IRA. How much IRA contribution can he deduct in Year 1?
For this question only, use the following IRA phase-out range to calculate any IRA deduction:
Single: b/t $62k and $72k.
MFJ: b/t $99k and $119k.
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