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What is the maximum deduction justin can take for an ira

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Reference no: EM132483725

Justin, age 42, had the following items of income:

  1. Earnings as a general partner in a partnership of $400
  2. Workers compensation of $600.
  3. Gambling losses of $200.
  4. Distribution from profit sharing plan of $1,500.
  5. Wages from an S Corp of $2,000.
  6. Income from Municipal Bond Portfolio of $100,000.

Question 1: Since he does not have a retirement plan available at work, Justin also contributed $1,000 to his Roth IRA during the year. What is the maximum deduction Justin can take for an IRA contribution for this year?

Option 1: $1,000

Option 2: $1,400

Option 3: $3,000

Option 4: $5,000

Reference no: EM132483725

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