If a Married Taxpayer Is an Active Participant in Another

question 84

True/False

If a married taxpayer is an active participant in another qualified retirement plan,the traditional IRA deduction phaseout begins at $98,000 of AGI for a joint return in 2016.

---

Definitions:

Gross Sales

The total sales revenue of a company without deducting any sales returns, allowances, or discounts.

Sales Returns and Allowances

Transactions where customers return goods or receive discounts due to issues, reducing total sales revenue.

Contra-Revenue Accounts

Accounts that are used to record reductions in gross revenue, such as sales returns and allowances, and discounts.

Sales Discount

A reduction in price given by a seller to a buyer, often to encourage prompt payment.