Augustus is single and age 51.He had AGI of $41,000 in tax year 2017 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2017?

Question

Quizplus · Accepted Answer

For the tax year 2017, the maximum deductible IRA contribution for someone who is 50 years or older is $6,500. This includes a $5,500 base limit plus a $1,000 catch-up contribution allowed for individuals aged 50 and above.

Augustus Is Single and Age 51