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For Each of the Following IRA Situations,determine the Amount the Taxpayer

question 23

Essay

For each of the following IRA situations,determine the amount the taxpayer can deduct.Discuss any limitations,which might be placed,on the deduction.
a.Marissa is single and is an active participant in a qualified employee pension plan.Determine the maximum Roth IRA contribution that she can make if her adjusted gross income for the year is $133,000.
b.David and Donna are married and file a joint return.Each is covered by an employee-sponsored pension plan,and their adjusted gross income is $104,000.Determine their maximum IRA contribution and deduction for the current year.
c.Pedro and Roxanne are married and have two children,ages 8 and 4.Their adjusted gross income for the year is $196,000.What is maximum amount they can contribute to each child's Coverdell Education Savings Account (CESA)for the year?

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Definitions:

Reception Desk

The area in a business or office where visitors are greeted and assisted.

Clinical Staff

Medical professionals who provide direct care to patients, such as doctors, nurses, and therapists, within a healthcare setting.

Bleeding Heavily

Experiencing an abnormal, excessive blood loss which can be a sign of an underlying condition or emergency situation, requiring medical attention.

Social Representations

Collectively elaborated explanations of unfamiliar and complex phenomena that transform them into a familiar and simple form.

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