benard a 50 year old single taxpayer earned 43,000 in wages he is covered by an...

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benard a 50 year old single taxpayer earned 43,000 in wages he is covered by an...

benard a 50 year old single taxpayer earned 43,000 in wages he is covered by an employer sponsored retirement plan what is his maximum allowable contribution to a traditional IRA for 2018

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Answer 1

Answer #1

Answer:

Benard is 50 year old.

Hence for 2018 the most Benard can contribute to traditional IRA is the smaller of $6,500 or his taxable compensation for the year.

His taxable compensation = $43,000

So:

Maximum allowable contribution to a traditional IRA for 2018 = $6.500

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Answer 2

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