Smith, age 38, is an active participant in his employer’s defined benefit plan, but he would...
Smith, age 38, is an active participant in his employer’s defined benefit plan, but he would also like to makea deductible contribution to a traditional IRA this year. Smith is married, files a joint return with his husband, who is also an active member in his employer’s retirement plan, and has an AGI of $113,500 in 2018. What is the maximum deductible contribution that Smith can maketo a traditionalIRA?
Homework Answers
For 2018, the total contribution to all the traditional and roth IRA's cannot be more than $5500, if aged less than 50. If aged 50 or more the allowed contribution becomes $6500.
As smith is less than 50 years the maximum deductible contribution that Smith can make to a traditional IRA is $5500.
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Smith, age 38, is an
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