Wayne, age 53, and Janet, age 51, are married and file a joint return. Wayne is covered by an employer retirement plan. In 2019, Wayne had compensation of $50,000 and Janet had compensation of $175,000. Their modified adjusted gross income (MAGI) was $200,000. What is the amount of the deductible contribution that can be made for Janet to her traditional IRA for 2019

In this exercise we have to use the knowledge of statistics so that the amount that will be deductible contribution that were made to Janet will be the value of:

So that way we can use the knowledge for what:

This display that Janet cannot call off few amount above $7,000 for her IRA, and if she act, she cannot claim credit for the debauchery fashionable individual desires.

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The amount of the deductible contribution that can be made for Janet to her traditional IRA for 2019 is:

$7,000.

Explanation:

The limit for IRA contribution is $6,000 for those aged under 50.  For those aged 50 and above, the limit for the IRA contribution (both traditional IRA and Roth IRA is $7,000).  This implies that Janet cannot set aside any amount higher than $7,000 for her IRA, and if she does, she cannot claim credit for the excess.

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