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What is maximum deductible IRA contribution John can make

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

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

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

c. 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: EM132737879

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