Benard, a 50 year old single taxpayer earned 43000 in wages. He is covered by an...

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Benard, a 50 year old single taxpayer earned 43000 in wages. He is covered by an...

Benard, a 50 year old single taxpayer earned 43000 in wages. He is covered by an employer-sponsord retirement plan. what is his maximum allowable contribution to a traditional IRA for 2018? A. 18000, B 6,500 C. 5500, D. 0

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Answer 1

Answer #1

Answer: [B] $6,500

Explanation:

For 2018, total contributions to all traditional and Roth IRAs cannot be more than:

1]$5500 ($6500 if age is 50 or more, or

2] taxable compensation for the year, if compensation is less than this dollar limit.

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Answer 2

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