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What is maximum deductible ira contribution john can make

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John (age 55 and single) has earned income of $4,500. He has $31,700 of unearned (capital gain) income.

Question 1: If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2020?

Question 2: If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2020?

Question 2: If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2020 if he has earned income of $18,200?

Reference no: EM132686125

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