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McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368 Exercise 15
Desmond is 25 years old and he participates in his employer's 401(k) plan.During the year, he contributed $3,000 to his 401(k) account.What is Desmond's 2011 saver's credit in each of the following alternative scenarios
a.Desmond is not married and has no dependents.His AGI after deducting his 401(k) contribution is $30,000
b.Desmond is not married and has no dependents.His AGI after deducting his 401(k) contribution is $17,500.
c.Desmond files as a head of household and has AGI of $39,000.
d.Desmond and his wife file jointly and report an AGI of $30,000 for the year.
a.Desmond is not married and has no dependents.His AGI after deducting his 401(k) contribution is $30,000
b.Desmond is not married and has no dependents.His AGI after deducting his 401(k) contribution is $17,500.
c.Desmond files as a head of household and has AGI of $39,000.
d.Desmond and his wife file jointly and report an AGI of $30,000 for the year.
Explanation
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a.Because Desmond is not married and has...
McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
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