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Answer:
$11,000
Reason:
As both Nina and Bob fall under 50 years of age, under IRA each of them has to contribute 5500 => 5000*2 = $11,000 for their traditional IRA
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In 2018, Nina and Bob are married and reported the following items of income at the...
Santiago, aged 44, is married, filing jointly. He is covered by another qualified plan, but his...
Santiago, aged 44, is married, filing jointly. He is covered by another qualified plan, but his wife is not. Their combined AGI is $190,000 in 2018. Do not round intermediate computations. In 2018, he can make a deductible contribution of $0 to a traditional IRA or a nondeductible contribution of $___________ to a Roth IRA. Note: The answer is not 5,500 or 4,950.
I would like to get answer to this question. thanks $5,500 $6,500 Mark for follow up...
I would like to get answer to this question.
thanks
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant in his employer's retirement plan. Lisa earned $35,000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would like to...
I would like to have answer to this question. thanks tax law question $5,500 $6,500 Mark...
I would like to have answer to this question.
thanks
tax law question
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since...
1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since he does not have any other income or adjustments, his modified adjusted gross income (MAGI) is also $74,000. He is covered by a retirement plan at work. Mark is very interested in saving for retirement, and he would like to contribute to a traditional IRA for 2018. However, he does not want to contribute more than he can deduct, what is his maximum deductible...
In 2018, Elizabeth and Daniel (both age 40), a married couple with AGI of $118,000, file...
In 2018, Elizabeth and Daniel (both age 40), a married couple with AGI of $118,000, file a joint tax return. They each contributed $5,500 to their IRAs. How much can they deduct if they are both active participants in qualified retirement plans? How much can they deduct if Elizabeth is not an active participant in a qualified retirement plan, but Daniel is an active participant in his qualified retirement plan? How would your answer change if they are both active...
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in...
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct. Click here to access Exhibit 19.3. Do not round intermediate computations. a. Janet can contribute $ 5,500 to her traditional IRA, but she can deduct $ 4,400 Feedback Check My Work Employees not covered by another qualified...
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...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business....
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business. She also receives $50,000 dividends, of which $44,000 are qualified. The maximum amount that Yumiko may contribute to a Roth IRA is O $0 O $5,500 O $6,041 O $6,500 Mark for follow up Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional retirement accounts for several years. In 2018, she decided to withdraw $12,000 from one of her...
Bob and Mary Smith, a married couple, engaged you to prepare their 2018 individual income tax...
Bob and Mary Smith, a married couple, engaged you to prepare their 2018 individual income tax return. Their address is 123 Main Street, Wilmore, KY. Their social security numbers and dates of birth are as follows: S. S. No. Date of Birth Bob 123-45-6789 December 1, 1955 Mary 098-76-5432 May 5, 1957 They provide you with the following income and expense information for 2018: • Bob is a CPA and his salary was $150,000. He had $17,500 in federal income...
I would like to get answer to this question.
thanks
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant in his employer's retirement plan. Lisa earned $35,000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would like to...
I would like to have answer to this question.
thanks
tax law question
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct. Click here to access Exhibit 19.3. Do not round intermediate computations. a. Janet can contribute $ 5,500 to her traditional IRA, but she can deduct $ 4,400 Feedback Check My Work Employees not covered by another qualified...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business. She also receives $50,000 dividends, of which $44,000 are qualified. The maximum amount that Yumiko may contribute to a Roth IRA is O $0 O $5,500 O $6,041 O $6,500 Mark for follow up Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional retirement accounts for several years. In 2018, she decided to withdraw $12,000 from one of her...
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