Carole, age 38, is single and works as a physical therapist. She is covered by her...

Question

Question

Carole, age 38, is single and works as a physical therapist. She is covered by her...

Carole, age 38, is single and works as a physical therapist. She is covered by her employer’s retirement plan, and contributes $5,500 to her conventional IRA. If her modified AGI is $63,000, how much IRA contribution can she deduct for tax purpose?

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

ANSWER:

Carol is 38, single and also participates in employer's retirement plan, so the contributions she make to the traditional IRA are not fully deductible for tax purposes.

The current limit for deductible IRA contributions is 5500$ if the Modified Gross Income is 63000$ and under.

_____________________________________________

If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.

*****************THANK YOU**************

Add a comment

Answer 2

Similar Homework Help Questions

1. Carole, age 38, is single and works as a physical therapist. She is covered by...

1. Carole, age 38, is single and works as a physical therapist. She is covered by her employer's retirement plan, and contributes $5,500 to her conventional IRA. If her modified AGI is $63,000, how much IRA contribution can she deduct for tax purpose?
1) Brain, a 48-year-old single taxpayer, earned $98,000 in wages. He is not covered by an...

1) Brain, a 48-year-old single taxpayer, earned $98,000 in wages. He is not covered by an employer-sponsored retirement plan. What is his maximum allowable contribution to a traditional IRA for 2018? A)$0 B)$5,500 C)$6,500 D)$18,500 2) Melody is single with a modified adjusted gross income of $71,000. She is covered by an employer-sponsored retirement plan. She contributed $5,500 to her traditional IRA during the year. How much may she deduct? A)$0 B)$1,100 C)$4,400 D)$5,500 3) In 2018, Elysia (38) contributed...
Helen is single 55, her wages is 26000 she is covered by a 401k plan her...

Helen is single 55, her wages is 26000 she is covered by a 401k plan her modified agi is 51000 what is her maximum deductible IRA contribution

Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in...

Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct. Click here to access Exhibit 19.3. Do not round intermediate computations. a. Janet can contribute $ 5,500 to her traditional IRA, but she can deduct $ 4,400 Feedback Check My Work Employees not covered by another qualified...
Smith, age 38, is an active participant in his employer’s defined benefit plan, but he would...

Smith, age 38, is an active participant in his employer’s defined benefit plan, but he would also like to makea deductible contribution to a traditional IRA this year. Smith is married, files a joint return with his husband, who is also an active member in his employer’s retirement plan, and has an AGI of $113,500 in 2018. What is the maximum deductible contribution that Smith can maketo a traditionalIRA?
1) Martha (53) works part-time. in addition, she is taking classes at local university. This year,...

1) Martha (53) works part-time. in addition, she is taking classes at local university. This year, Martha was enrolled in seven hours for one semester and three for another. The university considers 12 credit hours to be full time. Martha deferred $4,000 of compensation through her employer's 401(k) plan, her AGI for 2018 was $30,500. How much is Martha's Saver's Credit, assuming no tax liability limit applies? A)$0 B)$400 C)$800 D)$2,000 2) in 2018, Elysia (38) contributed $2,000 to a...

Jill is single, age 27, and reported AGI of $61,000 in tax year 2013. She is...

Jill is single, age 27, and reported AGI of $61,000 in tax year 2013. She is an active participant in her employer's pension plan. What is the maximum deductible Roth IRA contribution she can make in 2013.
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 maxi...

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...
On February 14, 2020, Jason, who is single and age 30, establishes a traditional IRA and...

On February 14, 2020, Jason, who is single and age 30, establishes a traditional IRA and contributes $6,000 to the account. Jason's adjusted gross income is $69,000 in 2019 and $60,500 in 2020. Jason is an active participant in an employer-sponsored retirement plan. 1. What amount is deductible in 2019? a. As an alternative, Jason can elect to treat the IRA contribution as made for 2020, in this scenario how much could he deduct? 2. How would your answer to...

I would like to get answer to this question. thanks $5,500 $6,500 Mark for follow up...

I would like to get answer to this question. thanks $5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant in his employer's retirement plan. Lisa earned $35,000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would like to...

Carole, age 38, is single and works as a physical therapist. She is covered by her...

Homework Answers

Add Answer to:
Carole, age 38, is single and works as a physical therapist. She is covered by her...

Post as a guest

Earn Coins

1. Carole, age 38, is single and works as a physical therapist. She is covered by...

1) Brain, a 48-year-old single taxpayer, earned $98,000 in wages. He is not covered by an...

Helen is single 55, her wages is 26000 she is covered by a 401k plan her...

Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in...

Smith, age 38, is an active participant in his employer’s defined benefit plan, but he would...

1) Martha (53) works part-time. in addition, she is taking classes at local university. This year,...

Jill is single, age 27, and reported AGI of $61,000 in tax year 2013. She is...

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 maxi...

On February 14, 2020, Jason, who is single and age 30, establishes a traditional IRA and...

I would like to get answer to this question. thanks $5,500 $6,500 Mark for follow up...

Carole, age 38, is single and works as a physical therapist. She is covered by her...

Homework Answers

Add Answer to: Carole, age 38, is single and works as a physical therapist. She is covered by her...

Post as a guest

Earn Coins

Add Answer to:
Carole, age 38, is single and works as a physical therapist. She is covered by her...