Problem NO: 20

William is a single writer (age 35) who recently decided that he needs to save more for retirement. His current year AGI before the IRA contribution d

William is a single writer (age 35) who recently decided that he needs to save more for retirement. His current year AGI before the IRA contribution deduction is $80,000 (all earned income).

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a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make for the current year?

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b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make for the current year?

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c. Assume the same facts as in part (b), except William’s AGI before the IRA contribution deduction is $89,000. What is the maximum deductible IRA contribution William can make for the current year?

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