The maximum limit For IRA deduction for year 2014 was $5,500 . There was also a catch up limit of $1,000 for the persons aged 50 years or above. So for John(aged 52) the limit of $6,500 will be applicable. There are two types of IRA - Traditional and Roth.
For claiming maximum deduction in case of Roth IRA maximum Modified Adjusted Income is $114,000.
In case of traditional IRA if you are participating in Employe- sponsored plan then to claim maximum deduction upto contribution limit of $6500 maximum Modified Adjusted Income is $60,000.
(A) As the total Modified Adjusted Income is $36,800($3000 +$33800) , maximum deductible IRA Contribution is $6,500.
(B) As total modified adjusted income is $36,800 and John is participating in employer sponsored plan, John's earning is within limit of $60,000, the maximum deductible IRA CONTRIBUTION is $6,500
(C) If John is not participating in employer sponsored plan and having earned income of $18,600, his total income will be $52,400($33,800+$18,600). Maximum Deductible IRA contribution is $6,500
John (age 52 and single) has earned income of $3,000. He has $33,800 of unearned (capital...
0 Required information [The following information applies to the questions displayed below.] John (age 53 and single) has earned income of $3,300. He has $30,300 of unearned (capital gain) income. a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2018? Maximum deductible IRA contribution b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2018? Maximum deductible IRA...
Required information [The following information applies to the questions displayed below.] John (age 54 and single) has earned income of $3,600. He has $32,200 of unearned (capital gain) income. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2019 if he has earned income of $12,000? Maximum deductible IRA contribution
Required information (The following information applies to the questions displayed below.] John (age 54 and single) has earned income of $3,600. He has $32,200 of unearned (capital gain) income. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2019 if he has earned income of $12,000? Maximum deductible IRA contribution
Chapter 6 & 13 - Assignment 7 Saved H 1 Required information (The following information applies to the questions displayed below.) John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income. Part 1 of 3 1 points a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2020 eBook Maximum deductible IRA contribution Hint Print References Prey 3 1 2 MC...
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2019 AGI before the IRA contribution deduction is $66,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) -. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2019? Maximum deductible IRA contribution
Required information Problem 6-52 (LO 6-3) (Static) [The following information applies to the questions displayed below.] William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2020 AGI is $69,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2020? b. If he does participate in an employer-sponsored...
on February 14,2020, John who is single and age 30,
establishes a traditional IRA and contributes $6,000 to the
account. John's adjusted gross income is $73,000 in 2019 and
$59,500 in 2020.John is an active participant in an
employer-sponsored retirement plan.
i Requirements a. What amount of the contribution is deductible? In what year is it deductible? b. How is the deduction (if any) reported (i.e., for AGI or from AGI)? c. How would your answer to Part a change,...
benard a 50 year old single taxpayer earned 43,000 in wages he is covered by an employer sponsored retirement plan what is his maximum allowable contribution to a traditional IRA for 2018
If an individual (or spouse) is an active participant in an employer-sponsored retirement plan, he or she cannot make a deductible IRA contribution. True or False If only one spouse is employed, and that spouse is not covered under an employer-sponsored retirement plan, then the non-working spouse can make a deductible contribution to his or her own IRA. True or False With a Roth IRA, contributions are deductible, the account grows tax-free, and distributions are not taxable. True or False...
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time student earned $3,400 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions during 2018 is $5,500. How much of a tax-deductible contribution can she make to an IRA? Multiple Choice 0 (Full time students are not alowed to parbcopete in IRAs $3.400 8.400 $5 500
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time...