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How much can nick deduct if he is not covered by an

Nick, age 53, is single and has AGI of $47,000. He contributes $3,000 to his IRA in 2004.

a. How much can Nick deduct if he is not covered by an employer-sponsored qualified retirement plan?

b. How much can Nick deduct if he is covered by an employer-sponsored qualified retirement plan?

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Accounting Basics: How much can nick deduct if he is not covered by an

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