Ms. Jorland is a 30-year old single taxpayer. Her $3,760 AGI is the total of $7,940 interest and dividend income from a trust fund, $4,190 income from a rent property, and an $8,370 loss from a new business that she started this year. Compute Ms. Jorland's maximum IRA contribution.

Question

Quizplus · Accepted Answer

Ms. Jorland's AGI is already fully accounted for by her interest and dividend income, rental income, and business loss. She has no additional income available to contribute to an IRA.

Ms Jorland Is a 30-Year Old Single Taxpayer