Question

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 $197,000. Jackson and Ashley each earned half of the income. USE 2019 Tax Rate Schedules

a. How much can Ashley contribute to her Roth IRA if they file a joint return?

b. How much can Ashley contribute if she files a separate return?

c. Assume that Ashley earned all of the couple’s income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson’s Roth IRA?

Answer 1

As per rules different of 2019, the answer will be for other years explanation : maximum under contribution limit the age of 50 for $ 6000 less: Phase out (197000-193000) 100 X6000 $2uoo contribution to ROTH IRA $3600 b) zero Because as per rules separately, the income $ 10000 for married tiling must be under $0 to $6000 maximum contribution limit E) Phase out (197000-193000)/x6000 $2uoo 710000) $3600 contribution to Roth IRA