Homework Answers
Per IRS, the maximum contribution that an individual with a married filing status under the age of 50 can make a Roth IRA is limited to $6,000 if the AGI is less than or equal to $196,000. If your AGI is greater than $196,000 - the contribution limit is phased out .
With respect to the question, since Ashley qualifies for the Married filing Jointly status and since the income earned by Ashley is well below the phase out ($196,000) , she can make the maximum contribution of $6,000 to her Roth IRA account.
Hence, Ashley's maximum contribution to Roth IRA if they file a Joint return for 2020 - $6,000
Please let me know if you have any questions via comments and all the best :) !
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Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
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 $175,000. Jackson and Ashley each earned half of the income. (Leave no cells blank - be certain to enter "0" wherever required.) Problem 6-56 Part a a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2014, their AGl is $187,800. Jackson and Ashley each earned half of the income. a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA c. Assume that Ashley earned all of the couple's...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
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...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
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...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2018, their AGI is $191,800. Jackson and Ashley each earned half of the income.
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2018, thei...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2018, their AGI is $191,800. Jackson and Ashley each earned half of the income.
[The following information applies to the questions displayed below.) Jackson and Ashley Turner (both 45 years...
[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...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
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 their income.
a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA c. Assume that Ashley earned all of the couple's...
2019 Tax Rate Schedules Individuals Schedule x Simple Schedule Head of lowed The tax is: Ir...
2019 Tax Rate Schedules Individuals Schedule x Simple Schedule Head of lowed The tax is: Ir taxable income But not own Ir taxable income is But of The tas is! 59,00 10 of taxable income S 0 S 13550 10 of the come $ 0,700 S 39,475 S 13.550 S 52550 S1.355 plus 125 of 5970 plus 12 of the excess over 59,700 S350 5 39,475 54,543 pm 22 of 5 34,200 56,065 plus 225 of 5 52550 554.200 539,475...
Your clients, Carmello and Leslie (ages 34 and 35, respectively) are married and want to contribute...
Your clients, Carmello and Leslie (ages 34 and 35, respectively) are married and want to contribute to a Roth IRA. In 2019, their AGI totaled $42,000 before any IRA-related transactions. Of the $42,000, Carmello earned $35,000 and Leslie earned $7,000. How much can each spouse contribute to a Roth IRA if they file jointly? How much can each spouse contribute to a Roth IRA if they file separately?
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 $175,000. Jackson and Ashley each earned half of the income. (Leave no cells blank - be certain to enter "0" wherever required.) Problem 6-56 Part a a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2014, their AGl is $187,800. Jackson and Ashley each earned half of the income. a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA c. Assume that Ashley earned all of the couple's...
[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...
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 their income.
a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA c. Assume that Ashley earned all of the couple's...
2019 Tax Rate Schedules Individuals Schedule x Simple Schedule Head of lowed The tax is: Ir taxable income But not own Ir taxable income is But of The tas is! 59,00 10 of taxable income S 0 S 13550 10 of the come $ 0,700 S 39,475 S 13.550 S 52550 S1.355 plus 125 of 5970 plus 12 of the excess over 59,700 S350 5 39,475 54,543 pm 22 of 5 34,200 56,065 plus 225 of 5 52550 554.200 539,475...
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