Homework Answers
D. The excess contribution amount is determined from the Roth IRA contributions and then from the traditional IRA.
Any excess contribution in a year reduced by the total of -
Any distribution from Roth IRA contributions plus Your contribution limit for the year minus your contributions to all your IRAs for the year.
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Which of the following statements is correct when a taxpayer has an excess contribution that results...
Joyce is 30, single, and has compensation of $25,000 in 2017. Which of the following statements...
Joyce is 30, single, and has compensation of $25,000 in 2017. Which of the following statements is correct? A. Joyce can make a $5,000 deductible contribution to her Roth IRA. B. Joyce can make a $5,500 nondeductible contribution to her Roth IRA. С. Joyce can make a $6,500 nondeductible contribution to her Roth IRA. O O O D. Joyce cannot make any contribution to her Roth IRA
D Question 7 1 pts Which of the following statements is NOT correct regarding the conversion...
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...
Leonard is single, has compensation of $18,000 for 2018, and made a $300 contribution to his...
Leonard is single, has compensation of $18,000 for 2018, and made a $300 contribution to his traditional IRA. Which of the following statements is correct? Leonard can make a $5,200 nondeductible contribution to his Roth IRA and a $5,500 deductible contribution to his traditional IRA. O A. O B. Leonard can make a $5,200 nondeductible contribution to his Roth IRA O C. Leonard can make an additional $5,200 deductible contribution to his traditional IRA. O D. Leonard cannot make any...
The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make...
The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make after-tax retirement contributions of up to $2,000 annually. Contributions to a Roth IRA are not tax-deductible, but no taxes are paid on earnings generated from a Roth IRA. In contrast, contributions made to traditional IRAs are tax-deductible, but individuals will pay taxes on all future distributions. In short, investors using the Roth IRA make contributions that have already been taxed and have earnings that...
2. The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to...
2. The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make after-tax retirement contributions of up to $6,000 annually as of 2019. Contributions to a Roth IRA are not tax-deductible, but no taxes are paid on earnings generated from a Roth IRA. In contrast, contributions made to traditional IRAs are tax- deductible, but individuals will pay taxes on all future distributions. In short, investors using the Roth IRA make contributions that have already been...
Tatia, age 38, single taxpayer, has made deductible contributions to her traditional IRA over the past...
Tatia, age 38, single taxpayer, has made deductible contributions to her traditional IRA over the past few years. When her account balance was $32,000, she transferred the entire $32,000 out of her traditional IRA and immediately into a Roth IRA. Her current marginal tax rate is 25 percent. What amount of tax and penalty is she required to pay on this rollover?
When calculating the amount of net income attributable to a contribution distributed by a traditional or...
When calculating the amount of net income attributable to a contribution distributed by a traditional or Roth IRA pursuant to an excess contribution under current law, which of the following statements is true regarding the net income? O A. It could be a negative amount only O B. It could be a negative or positive amount. C. It could be a positive amount only. O D. It could not be distributed.
1. Sue is a self-employed. Her net profit from the self-employment in 2018 is $150,000. What’s...
1. Sue is a self-employed. Her net profit from the self-employment in 2018 is $150,000. What’s her deductible portion of SE tax on line 27 of Schedule 1? a) $11,475 b) $10,597 c) $ 9,969 d) $ 9,823 2. Young is single and self-employed. His net profit from the business is $100,000. His SE tax on Schedule SE is $14,130. He contributed $6,000 to his self-employed SEP IRA account. He also paid $7,800 self-employed health insurance premium in 2018. What...
which of the following statements is true concerning when ira/roth contribution must be made ? A,...
which of the following statements is true concerning when ira/roth contribution must be made ? A, if allison extends her 2017 tax return and then files it 10/15 she must make the contribution by 12/31. B,if travis files his 2017 tax return 3/15. he will need to have already made his Roth contribution
9. Which of the following statements concerning Roth IRAs is correct? a. in the event of...
9. Which of the following statements concerning Roth IRAs is correct? a. in the event of distributions from a Roth IRA, the earnings are deemed withdraw first. b. A distribution from a Roth IRA must include both earnings and contributions c. if the entire Roth IRA is distributed within 5r years to buy a car, only the earnings are subject to income tax, but the entire amount may be subject to penalty. d. if distributions are made within 5 years...
Joyce is 30, single, and has compensation of $25,000 in 2017. Which of the following statements is correct? A. Joyce can make a $5,000 deductible contribution to her Roth IRA. B. Joyce can make a $5,500 nondeductible contribution to her Roth IRA. С. Joyce can make a $6,500 nondeductible contribution to her Roth IRA. O O O D. Joyce cannot make any contribution to her Roth IRA
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...
Leonard is single, has compensation of $18,000 for 2018, and made a $300 contribution to his traditional IRA. Which of the following statements is correct? Leonard can make a $5,200 nondeductible contribution to his Roth IRA and a $5,500 deductible contribution to his traditional IRA. O A. O B. Leonard can make a $5,200 nondeductible contribution to his Roth IRA O C. Leonard can make an additional $5,200 deductible contribution to his traditional IRA. O D. Leonard cannot make any...
2. The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make after-tax retirement contributions of up to $6,000 annually as of 2019. Contributions to a Roth IRA are not tax-deductible, but no taxes are paid on earnings generated from a Roth IRA. In contrast, contributions made to traditional IRAs are tax- deductible, but individuals will pay taxes on all future distributions. In short, investors using the Roth IRA make contributions that have already been...
When calculating the amount of net income attributable to a contribution distributed by a traditional or Roth IRA pursuant to an excess contribution under current law, which of the following statements is true regarding the net income? O A. It could be a negative amount only O B. It could be a negative or positive amount. C. It could be a positive amount only. O D. It could not be distributed.
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