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Peter is a 20-year-old college student. His AGI consists of $12,000 interest and dividend income from a trust fund and $4,180 of wages from a part-time job. Compute Peter's maximum IRA contribution:
Spain
A country in southwestern Europe, known for its rich history, including the Roman and Moorish influences, and later for its global empire in the 16th to 19th centuries.
Primogeniture
A legal or social system in which the firstborn child, specifically the eldest son, inherits the family estate or title.
Eldest Son
The firstborn male child in a family, often subject to specific rights, responsibilities, or inheritances in various cultures.
Inheritance
The practice of passing on property, titles, debts, rights, and obligations upon the death of an individual.
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