Mary’s employer sponsors a deferred profit sharing plan as well as a registered pension plan. During 2020, the employer
Mary’s employer sponsors a deferred profit sharing plan as well as a registered pension plan. During 2020, the employer
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 42P: Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible...
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Mary’s employer sponsors a deferred profit sharing plan as well as a registered pension plan. During 2020, the employer contributed, on Mary’s behalf, $2,500 to the deferred profit sharing plan and $1,000 to the registered pension plan. Mary also contributed $1,000 to the registered pension plan.
Required:
Calculate Mary’s 2020 pension adjustment.
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