Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,300 to a traditional IRA. Required: a. Compute the AGI on their joint return if AGI before an IRA deduction is $132,000. b. Compute the AGI on their joint return if AGI before an IRA deduction is $204,400.
Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,300 to a traditional IRA. Required: a. Compute the AGI on their joint return if AGI before an IRA deduction is $132,000. b. Compute the AGI on their joint return if AGI before an IRA deduction is $204,400.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 33P
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Transcribed Image Text:Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified
retirement plan. Each spouse contributes $3,300 to a traditional IRA.
Required:
a. Compute the AGI on their joint return if AGI before an IRA deduction is $132,000.
b. Compute the AGI on their joint return if AGI before an IRA deduction is $204,400.
Complete this question by entering your answers in the tabs below.
Required A Required B
Answer is complete but not entirely correct.
Compute the AGI on their joint return if AGI before an IRA deduction is $132,000.
AGI
$125,400 x
Transcribed Image Text:Required A Required B
Compute the AGI on their joint return if AGI before an IRA deduction is $204,400. (Do not round intermediate calculations.)
AGI
$197.800
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