Question

D Question 7 1 pts Which of the following statements is NOT correct regarding the conversion of a traditional IRA to a Roth IRA? An amount distributed from a traditional IRA can be rolled over to a Roth IRA within 60 days of the distribution An amount in a traditional IRA may be transferred to a Roth IRA maintained by the same trustee The IRA owner's modified adjusted gross income (MAGI) cannot exceed $100,000 in the year of the conversion An amount in a traditional IRA may be transferred in a trustee-to-trustee transfer from the trustee of the traditional IRA to the trustee of the Roth IRA. Question 8 1 pts Which of the following statements regarding contributions to a traditional IRA IS CORRECT? A taxpayer who is considered an active participant in an employer-sponsored retirement plan may also be eligible to contribute the maximum amount to a traditional IRA Allmony and rental income are considered earned income for the purposes of making a deductible contribution to a traditional IRA Deductible contributions to an employed individual's IRA and an unemployed spouse's spousal IRA are limited to the lesser of 100% of earned Income or $3.000. There are no restrictions on the deductibility of contributions provided the individual is an active participant in an employer-sponsored retirement plan D Question 9 1 pts

Answer 1

Part 7

Answer is option C

c. The IRA owner's modified adjusted gross income (MAGI) cannot exceed $100,000 in the year of the conversion

The limit of $100000 MAGI applies to taxable year not to conversion year

Part 8

Answer is option D

D. There are no restrictions on the deductibility of contributions provided the individual is an active participant in an employer-sponsored retirement plan

If the contribution is made to traditional IRA along with any company plan then its begins to phase out. Alimony is no longer included in the income. Deductible contributions to an employed individual's IRA