In 2019 Michael is single and 35 years old. He is a participant in his employer’s...
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.
Homework Answers
| AGI | Calculation | Roth IRA | |
| a | $ 50,000 | 6000-3000 | $ 3,000 |
| b | $ 80,000 | $ 6,000 | $ 6,000 |
| c | $ 135,000 | 6000*((137000-135000)/(137000-122000)) | $ 800 |
Note: The annual Roth IRA limit is $6,000 for 2019. The contribution starts to reduced from Modified AGI $122,000 to $137,000 for single and no contribution is eligible if the AGI is more than $137,000
Add Answer to:
In 2019 Michael is single and 35 years old. He is a participant
in his employer’s...
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.
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 each of the following alternative situations? a. Michael's AGl is $56,000 after he contributed $4,300 to a traditional IRA Contribution to Roth IRA b. Michael's AGI is $86,000 before any IRA contributions. Contribution to Roth IRA c. Michael's AGI is $141,000 before any IRA contributions. ontribution to Roth IRA
Required information Problem 13-69 (LO 13-4) The following information applies to the questions displayed below.) Michael...
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...
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...
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...
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...
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...
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?
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...
William is a single writer (age 35) who recently decided that he needs to save more...
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2019 AGI before the IRA contribution deduction is $66,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) -. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2019? Maximum deductible IRA contribution
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? a. Michael's AGl is $56,000 after he contributed $4,300 to a traditional IRA Contribution to Roth IRA b. Michael's AGI is $86,000 before any IRA contributions. Contribution to Roth IRA c. Michael's AGI is $141,000 before any IRA contributions. ontribution 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 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
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2019 AGI before the IRA contribution deduction is $66,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) -. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2019? Maximum deductible IRA contribution
Most questions answered within 3 hours.
-
Consider the following MIPS code:
add $t3,$t2,$t1
lw $t4,0($t3)
sw $t7,0($t3)
add $t6,$t2,$t8
addi $t3,$t5,4
(a)...
asked 4 minutes ago -
Assembly Language:
Is it TRUE or FALSE:
Reduced Instruction Set Computers (RISC) are characterized
by:
Relatively...
asked 8 minutes ago -
Data from the Bureau of Labor Statistics’ Consumer Expenditure
Survey show that annual expenditures for cellular...
asked 8 minutes ago -
A ball is thrown from the origo over a flat horizontal ground.
the x-axis is
horizontal...
asked 10 minutes ago -
Discuss graph representation, Breadth-first search and
Depth-first search. Use examples to highlight pros and
cons.
asked 17 minutes ago -
what are the impacts of droughts in east Africa on the:
1) economy:
2) agriculture:
3)...
asked 19 minutes ago -
Fleas can jump quite high; experiments show that they can reach
an altitude of 120 times...
asked 25 minutes ago -
The rate constant for this first-order reaction is 0.0520 s–1 at
400 °C.
A----> Product
After...
asked 30 minutes ago -
boolean a = ( true && false );
System.out.println( a );
what is the output of...
asked 34 minutes ago -
NEED HELP ASAP PLEASE! (I already answered 1-4)
The comparative financial statements of Marshall Inc. are...
asked 40 minutes ago -
PLEASE RESPOND TO POST. DO YOU AGREE OR DISAGREE? IF SO WHY.The
five traditional intelligence collection...
asked 40 minutes ago -
Grandma Assignment: This was my previous professor’s son’s
fourth grade homework assign- ment. Maxine, Mabel, Mavis,...
asked 41 minutes ago