Paulette is age 32,single,and reported AGI of $68,000 in tax year 2017.She is an active participant in her employer's pension plan.What amount of deductible IRA contribution is disallowed in 2017?

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Quizplus · Accepted Answer

For 2017, the phase-out range for a single active participant in an employer's plan is $62,000 to $72,000. Paulette's AGI of $68,000 falls within this range, allowing her a partial deduction. The deductible amount is reduced by $3,300, making this the disallowed portion.

Paulette Is Age 32,single,and Reported AGI of $68,000 in Tax