Augustus is single and age 51.He had AGI of $41,000 in tax year 2017 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2017?

A) $2,700.
B) $3,800.
C) $5,500.
D) $6,500.

Question

Kamaljit singh Khosa · Accepted Answer

Final Answer : D, Explanation :  For the tax year 2017, the maximum deductible IRA contribution for someone who is 50 years or older is $6,500. This includes a $5,500 base limit plus a $1,000 catch-up contribution allowed for individuals aged 50 and above.

Augustus is single and age 51.He had AGI of $41,000 in tax year 2017 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2017?

A) $2,700.
B) $3,800.
C) $5,500.
D) $6,500.

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Augustus is single and age 51.He had AGI of $41,000 in tax year 2017 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2017?A) $2,700.B) $3,800.C) $5,500.D) $6,500.

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Learning Objectives

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Augustus is single and age 51.He had AGI of $41,000 in tax year 2017 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2017?

A) $2,700.
B) $3,800.
C) $5,500.
D) $6,500.