Homework Answers
ANSWER:
In the year 2018, ROTH IRA contribution limit is $5500 for people less than 50 years of age and $6500 if people are above 50 years of age.
These are the circumstances in the year 2018 (recent):
(a): ROTH IRA income limits for married filing jointly: Phase out starts at $189000 and ineligible at $199000
(b): ROTH IRA income limits for Single filers: phase out starts at $120000 and ineligible at $135000.
__________________________________
If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.
*****************THANK YOU*************
Add Answer to:
Under what circumstances Is t advantageous for a taxpayer to make a nondeductible contribution to a...
Determine the retirement savings contributions credit in each of the following cases: A married couple filing...
Determine the retirement savings contributions credit in each of the following cases: A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,600. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,500. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $2,000. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,300.
Determine the retirement savings contributions credit in each of the following cases. Use Table 9-2. Retirement Savings...
Determine the retirement savings contributions credit in each of the following cases. Use Table 9-2. Retirement Savings Contributions Credit a. A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,710. b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,720. c. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,900. d. A single taxpayer with modified AGI of $12,000 and...
the retirement savings contributions credit in each of the following cases. Use Table 9-2 Answer is...
the retirement savings contributions credit in each of the following cases. Use Table 9-2 Answer is complete but not entirely correct. Retirement Savings Contributions Credit 805 arried couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,810. 152 arried couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,520. 180 iad of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,800. 1,163 ngle taxpayer with modified AGI of...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Santiago, aged 44, is married, filing jointly. He is covered by another qualified plan, but his...
Santiago, aged 44, is married, filing jointly. He is covered by another qualified plan, but his wife is not. Their combined AGI is $190,000 in 2018. Do not round intermediate computations. In 2018, he can make a deductible contribution of $0 to a traditional IRA or a nondeductible contribution of $___________ to a Roth IRA. Note: The answer is not 5,500 or 4,950.
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
Answer the following questions related to tax changes for the 2019 and 2020 calendar/tax year. 1....
Answer the following questions related to tax changes for the 2019 and 2020 calendar/tax year. 1. While the marginal tax rates didn't change in 2019, the amount of income taxed at those tax rates changed. For the following situations, enter the range of income taxed at the rate given: a. Single taxpayer, 22%. b. Married filing jointly, 22%. c. Head of household, 22%. 2. The marginal tax rates didn't change in 2020 as well, but the amount of income taxed...
Form 8606 is not required when the taxpayer: 1. make a deductible IRA contribution 2. Takes...
Form 8606 is not required when the taxpayer: 1. make a deductible IRA contribution 2. Takes a qualified Roth IRA distribution 3. Converts a SEP IRA to a Roth IRA 4. Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What...
Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What is his AMT exemption under the following alternative circumstances? Exhibit 8-5. a. He is married and files a joint return Answer is complete but not entirely correct. Amount of AMT exemption $ 56,700 EXHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $113,400 56,700 72,900 Phase-Out Begins at Phase-Out Complete for This Level of...
Determine the retirement savings contributions credit in each of the following cases. Use Table 9-2. Retirement Savings Contributions Credit a. A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,710. b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,720. c. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,900. d. A single taxpayer with modified AGI of $12,000 and...
the retirement savings contributions credit in each of the following cases. Use Table 9-2 Answer is complete but not entirely correct. Retirement Savings Contributions Credit 805 arried couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,810. 152 arried couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,520. 180 iad of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,800. 1,163 ngle taxpayer with modified AGI of...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What is his AMT exemption under the following alternative circumstances? Exhibit 8-5. a. He is married and files a joint return Answer is complete but not entirely correct. Amount of AMT exemption $ 56,700 EXHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $113,400 56,700 72,900 Phase-Out Begins at Phase-Out Complete for This Level of...
Most questions answered within 3 hours.
-
Based on historical data, your team knows what proportion of the
company's orders come from Males...
asked 9 minutes ago -
8. Which of the following atoms has the largest magnitude
electron affinity?
(a) Sodium (Na)
(b)...
asked 11 minutes ago -
Assess the two types of tests of cognitive abilities. (
regarding HR course)
asked 16 minutes ago -
1.Write an inspiring vision statement for an organization where
you work or have worked. If the...
asked 18 minutes ago -
2. Is fair trade coffee sustainable for the mass market,
or is it a niche product...
asked 18 minutes ago -
Please answer this asap in MATLAB.
In the following for loop, the the loop is executed...
asked 31 minutes ago -
A 50.0-g golf ball is driven from the tee with an initial speed
of 44.6 m/s...
asked 25 minutes ago -
Use the molar concentration of the 50 mL solution to calculate
the moles of Cr(III) in...
asked 28 minutes ago -
Calculate the molarity of Fe3+ in solution A.
Solution A: 10 mL of 0.0600 M Fe(No3)3 ...
asked 37 minutes ago -
two dogs pull 2 strings horizontally which are tied to a sleigh.
the angle between the...
asked 37 minutes ago -
please write a paper about any ethical violation based on the
case study Stanford's Prison Experiment....
asked 58 minutes ago -
What is the advantage of considering each of the
following in calculating the work done by...
asked 1 hour ago