Ms. Ray is age 46 and single. This year, Ms. Ray's retirement savings included a $2,800 employer contribution to a qualified profit-sharing plan account, and a contribution by Ms. Ray to a traditional IRA.

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30-04-2024
Mathematics

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Ms. Ray is age 46 and single. This year, Ms. Ray's retirement savings included a $2,800 employer contribution to a qualified profit-sharing plan account, and a contribution by Ms. Ray to a traditional IRA.

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hairypawter7 hairypawter7 · Answer 1 · 2024-04-30T00:22:05-04:00

According to the internal revenue service, Ms. Ray's gross pay is less than $69,000. Therefore, she will be able to allowable deductible IRA

, Ms. Ray's phase-out is calculated as 72.50%

Note: $59,000 is the minimum applicable amount in the IRA Contribution

Note: Please be aware that depending on your tax filing status, the Internal Revenue Service (IRS) determines the divisor of $10,000.

Hence, the IRA deduction of Ms. Ray is $1,512.