For 2016, your gross income is $84 thousand. The standard deduction is $12 k. You contributed...

For 2016, your gross income is $84 thousand. The standard deduction is $12 k. You contributed $14 thousand to your traditional 401k, and your employer made a matching contribution of 50 cents on the dollar. You also maxed out your Roth IRA for the year, making an $5500 contribution. What is your taxable income for the year? Enter answer in thousands.

Expert Solution

Particulars	Amount
Salary	$ 84
401(k)	$ (14)

	$ -
Gross income	$ 70
Less: IRA deduction	$ -
AGI	$ 70
Less: standard deduction	$ (12)
Taxable income	$ 58

Taxable income is $58.

ROTH IRA is not deductible. 401(k) matching contribution not taxable.

Please rate.

jeff jeffy answered 1 year ago

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