Question

Orrin d'amato, single, participates in his firm's pension retirement plan. this year, his modified adjusted gross income will be about $75,000. how much of his compensation may d'amato contribute to an ira this year without paying federal income taxes on the contribution?

Answer 1

As of the last few years of tax laws, d'amato may contribute all of the $75,000 to his ira and it be tax indubitable on his federal tax return in the year he earns this money.