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Peter Is a 20-Year Old College Student Who Is Claimed

Question 17

Multiple Choice

Peter is a 20-year old college student who is claimed as a dependent on his parents' tax return.Peter's AGI consists of $12,000 interest and dividend income from a trust fund and $4,180 of wages from a part-time job.Compute Peter's maximum IRA contribution:


A) $0
B) $3,000
C) $4,180
D) $5,500

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