Venkat is age 32,single,and reported AGI of $67,000 in tax year 2016.He is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2016?

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Quizplus · Accepted Answer

For 2016, the IRA deduction limit phases out for single filers who are active participants in an employer's plan with AGI between $61,000 and $71,000. Venkat's AGI of $67,000 falls within this range, so his maximum deductible contribution is reduced to $2,200.

Venkat Is Age 32,single,and Reported AGI of $67,000 in Tax