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On February 14, 2020, Jason, who is single and age 30, establishes a traditional IRA...

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Accounting

On February 14, 2020, Jason, who is single and age 30, establishes a traditional IRA and contributes $6,000 to the account. Jason's adjusted gross income is $69,000 in 2019 and $60,500 in 2020. Jason is an active participant in an employer-sponsored retirement plan.

1. What amount is deductible in 2019?

a. As an alternative, Jason can elect to treat the IRA contribution as made for 2020, in this scenario how much could he deduct?

2. How would your answer to part 1 change if Jason were not an active participant in an employer-sponsored retirement plan?

3. How would your answer to part 1 change if Jason were married filing jointly assuming the AGI is $95,500?

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