A ROTH IRA IS AN INDIVIDUAL RETIREMENT ACCOUNT THAT OFFERS TAX FREE GROWTH AND TAX FREE WITHDRAWALS IN RETIREMENT. THE CONTRIBUTION LIMIT TO ROTH IRA BY A SINGLE IS :
1. IF AGI IS LESS THAN $122000, THE CONTRIBUTION IS $6000. (7000 IF AGE IS ABOVE 50 YEARS.)
2. IF AGI IS ABOVE $122000 TO 136999, THE CONTRIBUTION IS BEGIN TO PHASE OUT.
Required information The following information applies to the questions displayed below) Michael is single and 35...
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 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
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
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.
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.
UT LIon (The following information applies to the questions displayed below) In 2019, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a PhD student and is unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. (Leave no answer blank. Enter zero if applicable.) d. Susan's salary and her AGI is $84,750. Dan reports $6,900 of AGI (earned income)....
[The following information applies to the questions displayed below.) Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2019, their AGI is $197,100. Jackson and Ashley each earned half of the income. Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.) a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How...
Required information Problem 6-52 (LO 6-3) (Static) [The following information applies to the questions displayed below.] William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2020 AGI is $69,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2020? b. If he does participate in an employer-sponsored...
The following information applies'to the questions displayed below In 2019, Susan (44 years old) is a highly successfül architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a PhD student and is unemployed, Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. (Leave no answer blank. Enter zero if applicable.) d. Susan's salary and her AGI is $84,750. Dan'reports $6,900 of AGI (earned income). The couple files separate...