Jill files a joint tax return with her husband. She who works at a retail store and earned $30,000 in 2021. Jill’s husband was unemployed in 2021 and did not have any earnings. Jill contributed $1,000 to her IRA in 2021. After deducting
Jill files a joint tax return with her husband. She who works at a retail store and earned $30,000 in 2021. Jill’s husband was unemployed in 2021 and did not have any earnings. Jill contributed $1,000 to her IRA in 2021. After deducting
Chapter7: Tax Credits
Section: Chapter Questions
Problem 21MCQ: Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia...
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Jill files a joint tax return with her husband. She who works at a retail store and earned $30,000 in 2021. Jill’s husband was unemployed in 2021 and did not have any earnings. Jill contributed $1,000 to her IRA in 2021. After deducting her IRA contribution, the adjusted gross income shown on her joint return is $29,000. Jill may claim what amount for the Retirement Savings Contributions Credit (Saver’s Credit) for her $1,000 IRA contribution?
A. $0B.
B $200C.
C $500D.
D $1,000
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