What is the maximum possible contribution a couple in their 30’s can make to IRA accounts...
What is the maximum possible contribution a couple in their 30’s can make to IRA accounts for 2019, if one spouse has $100,000 in earnings and the other spouse does not work? Ignore the ability to take a tax deduction.
Homework Answers
The maximum contribution to an IRA is $6000 for 2019 if the age is less than 50 years.
In this the maximum contribution is $12,000 ( $6000 *2) .
Although one spouse does not work, they can contribute $6000 if the couple is filing a joint return. A non working spouse account is opened for this purpose.
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What is the maximum possible contribution a couple in their 30’s
can make to IRA accounts...
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on February 14,2020, John who is single and age 30, establishes a traditional IRA and contributes...
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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.
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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,...
3. A second type of IRA is the "Roth IRA." Suppose you open a Roth IRA account. a. How much can you deposit into the account for 2019 if you are less than 50 years old? b. How are the Roth contributions treated for tax purposes? In other words, how does this contribution affect your taxes? c. When you make withdrawals in retirement, how are the distributions and the investment returns (the money you withdraw) taxed? d. Can you contribute...
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