Question

Which of the following individuals can make a deductible contribution to a traditional IRA in 2018? Jack, who is married, has
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Jack will eligible for IRA 2018.

Jack who was married person and has an AGI of $150000. His spouse was active participate in employer plan so jack have Limit of AGI 150000 Which is lower than specified in IRA 2018. In IRA 2018 specified if married person filling jointly (spouse has an employer's plan) limit out will be $199000.

AGI Limit will be $189000.

so jack will satisfied the conditions.

Add a comment
Know the answer?
Add Answer to:
Which of the following individuals can make a deductible contribution to a traditional IRA in 2018?...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • on February​ 14,2020, John who is single and age​ 30, establishes a traditional IRA and contributes...

    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,...

  • 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?

  • Lance is single and has a traditional IRA into which he has made deductible contributions for...

    Lance is single and has a traditional IRA into which he has made deductible contributions for several years. This year he changed employers and is now an active participant in his employer’s pension plan. His AGI is $95,000. He wants to make a nondeductible contribution to his IRA in the current year. What advice would you give Lance? (

  • 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...

  • Mr. and Mrs. Davos file a joint tax return. Each spouse contributed $3,200 to a traditional...

    Mr. and Mrs. Davos file a joint tax return. Each spouse contributed $3,200 to a traditional IRA. Required: In each of the following cases, compute the deduction for these contributions. The AGI in each case is before any deduction. a. Neither spouse is an active participant in a qualified retirement plan, and their AGI is $130,000. b. Mr. Davos is an active participant, but Mrs. Davos is not. Their AGI is $130,000. c. Both spouses are active participants, and their...

  • 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...

  • If an individual (or spouse) is an active participant in an employer-sponsored retirement plan, he or...

    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...

  • 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.

  • The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make...

    The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make after-tax retirement contributions of up to $2,000 annually. Contributions to a Roth IRA are not tax-deductible, but no taxes are paid on earnings generated from a Roth IRA. In contrast, contributions made to traditional IRAs are tax-deductible, but individuals will pay taxes on all future distributions. In short, investors using the Roth IRA make contributions that have already been taxed and have earnings that...

  • 1. Which of the following taxpayers may make a contribution to a traditional IRA? All have...

    1. Which of the following taxpayers may make a contribution to a traditional IRA? All have a single filing status. A. Chloe (64) has an AGI of $36,000 consisting of pension income of $17,000, interest of $5,125, dividends of $6,775, and net rental income of $7,100. B. Jarred (74) has an AGI of $63,230 consisting of wages of $45,955, taxable social security of $12,895, and interest income of $4,380. C. Kerri (78) has an AGI of $9,450 consisting solely of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT