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20. IRA Contributions. (Obj. 4) Joyce and Barry Bright are both employed and 56 years of age. In 2019 Barry earned wages of $

please use the 2019 tax system

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Answer #1
a. Your contribution must be deposited by your tax filing date, Which is usually April 17th 2020.
b. Since the persons filing jointly and the modified AGI is less than $ 1,96,000 i.e.., 1,09,782 so
they can contribute up to the limit. hence they are more than 50 older so they have to contribute $ 6,500
C. IRAs come in two major varieties – the traditional IRA and the Roth IRA
     A traditional IRA gets you a tax break today, but you pay taxes at withdrawal. Meanwhile, a Roth IRA gets
     you a future tax break in exchange for contributing after-tax money today.
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