Myers, who is single, has compensation income of $76,000 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct?

$___

Myers can deduct the full $6,000 contribution to his traditional IRA As Myers is an active participant in his employer's qualified retirement plan, his ability to deduct contributions to a traditional IRA is subject to certain income limits.

However, for 2022, the income limits for deductible contributions to a traditional IRA have increased to $76,000 - $86,000 for single filers who are active participants in an employer's retirement plan. Since Myers' compensation income is $76,000, which falls within the income limits, he can deduct the full amount of his contribution to the traditional IRA, up to $6,000. It's important to note that the deductibility of contributions to a traditional IRA may be affected by other factors, such as filing status, age, and the presence of other retirement plans. Therefore, it's important to consult with a tax professional or refer to the IRS guidelines to determine the amount of contributions that can be deducted.

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Myers, who is single, has compensation income of $76,000 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct? $___

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Myers, who is single, has compensation income of $76,000 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct?

$___