What Is the Maximum Deductible Contribution That Can Be Made

question 83

Short Answer

What is the maximum deductible contribution that can be made to one or more deductible IRAs in each of the following instances?
a.A single person,age 51,who is an active participant in an employer-sponsored retirement plan with AGI of $37,000.
b.A single person,age 59,who is an active participant in an employer-sponsored retirement plan with AGI of $66,000.
c.A single person,age 26,who is an active participant in an employer-sponsored retirement plan with AGI of $62,000.

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Definitions:

Employees' Participation

The involvement of employees in decision-making processes within an organization, aiming to increase job satisfaction and productivity.

Active Communication

A method of exchanging information where both parties are fully engaged, listening, and responding thoughtfully.

OD Change Agent

A company’s formal change agent; often an outside consultant who specializes in planned change or organizational development (OD).

Training Tools

Resources or equipment used in the process of teaching or enhancing specific skills or knowledge, including manuals, software, or practical exercises.