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Calculate the credit for certain retirement plan

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Problem - Kathleen and Glenn decide that this is the year to begin getting serious about saving for their retirement by participating in their employers' § 401(k) plans. As a result, they each have $3,000 of their salary set aside in their qualified plans.

Required -

a. Calculate the credit for certain retirement plan contributions available to Kathleen and Glenn if the AGI on their joint return is $35,000.

b. Kathleen and Glenn persuade their dependent 15-year-old son, Joel, to put $500 of his part-time earnings into a Roth IRA during the year. What is the credit for certain retirement plan contributions available to Joel? His AGI is $7,000.

Reference no: EM132669621

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