Nick, age 53, is single and has AGI of $58,000. He contributes $5,000 to his IRA in 2011. a. How much can Nick deduct if he is not covered by an employer-sponsored qualified retirement plan? b. How...

Nick, age 53, is single and has AGI of $58,000. He contributes $5,000 to his IRA in 2011.

a. How much can Nick deduct if he is not covered by an employer-sponsored qualified retirement plan?

b. How much can Nick deduct if he is covered by an employer-sponsored qualified retirement plan?