Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a...
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Accounting
Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 employer contribution to a qualified profit-sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed.
Required:
Compute Ms. Ray's IRA deduction if current year income includes $56,500 salary.
Compute Ms. Ray's IRA deduction if current year income includes $71,320 salary.
Compute Ms. Ray's IRA deduction if current year income includes $71,320 salary and $7,670 dividend income.
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