a)Michael’s AGI is $56,000 after he contributed $4,300 to a traditional IRA. | |
A taxpayer’s contributions to traditional and Roth IRAs may not exceed $5,500, Michael has contributed $4,300 to a traditional IRA because his AGI was below the phase-out threshold, he was able to deduct all $4,300 of that contribution. so remaining he may contribute $1200 to the Roth IRA. | |
Contribution to Roth IRA | $ 1,200.00 |
b) | |
Michael’s AGI is $86,000 before any IRA contributions. | |
Contribution to Roth IRA | $ 5,500.00 |
Michael’s AGI exceeds the phase-out limit so he cannot take a traditional IRA deduction so he has to contribute $5500 to the Roth IRA | |
c) | |
Michael’s AGI is $141,000 before any IRA contributions. | |
Contribution to Roth IRA | $ - |
Michael’s AGI exceeds the phase-out limit so he cannot contribute directly to a Roth IRA for 2018. | |
Michael is single and 35 years old. He is a participant in his employer's sponsored retirement...
Michael is single and 35 years old. He is a participant in his employer’s sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2019 in each of the following alternative situations? C. Michael’s AGI is $123,000 before any IRA contributions.
In 2019 Michael is single and 35 years old. He is a participant in his employer’s sponsored retirement plan. How much can Michael contribute to a Roth IRA in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Michael’s AGI is $50,000 after he contributed $3,000 to a traditional IRA. b. Michael’s AGI is $80,000 before any IRA contributions. c. Michael’s AGI is $135,000 before any IRA contributions.
Required information Problem 13-69 (LO 13-4) The following information applies to the questions displayed below.) Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2019 in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) Problem 13-69 Part a a. Michael's AGI before the IRA contribution deduction is $57,000. Michael contributed $3,600 to a traditional IRA. Contribution...
Required information [The following information applies to the questions displayed below.) Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2019 in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) o. Michael's AGI before the IRA contribution deduction is $61,000. Michael contributed $4,400 to a traditional IRA Contribution to Roth IRA
Required information The following information applies to the questions displayed below) Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2019 in each of the following alternative situations? (Leave no answer blonk. Enter zero if applicable.) c. Michael's AGI is $123,000 before any IRA contributions, Contribution to Roth IRA
Required information Problem 13-69 (LO 13-4) The following information applies to the questions displayed below Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) Problem 13-69 Part a a. Michael's AGI is $60,500 after he contributed $4.300 to a Contribution to Roth IRA
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...
Abiha is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $68,000 in 2018. What is the maximum amount she may contribute to a tax deductible IRA? A) $4,500 B) $5,500 C) $6,500 D) $7,500 Prisha, a single 40-year-old physician, is covered by a qualified retirement plan at work. Her salary is $120,000, and her total AGI is $132,000. The maximum contribution she can make to...
Bahri, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary is $120,000, and his total AGI is $125,000. The maximum contribution he can make to a Roth IRA in 2019 is A) $2,400. B) $3,600. C) $4,800. D) $6,000.
Chapter 9 - Question 7 : I don't know to answer. Thank you Oliver is a 45-year old executive who earns $375,000 from his job at Acme Arrows (AA) and contributes the maximum amount to the 401(k) plan. He wants to make a contribution to a Roth IRA for the current year. Assume that Oliver has a traditional IRA with a balance of $10,000 that was funded entirely with pre-tax contributions. Which of the following is correct? A. Oliver...