Abiha is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $68,000 in 2018. What is the maxi...
Abiha is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $68,000 in 2018. What is the maximum amount she may contribute to a tax deductible IRA?
A) $4,500
B) $5,500
C) $6,500
D) $7,500
Prisha, a single 40-year-old physician, is covered by a qualified retirement plan at work. Her salary is $120,000, and her total AGI is $132,000. The maximum contribution she can make to a Roth IRA in 2018 is
A) 0.
B) $1,100.
C) $2,200.
D) $5,500.
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Abiha is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $68,000 in 2018. What is the maxi...
If an individual (or spouse) is an active participant in an employer-sponsored retirement plan, he or...
If an individual (or spouse) is an active participant in an employer-sponsored retirement plan, he or she cannot make a deductible IRA contribution. True or False If only one spouse is employed, and that spouse is not covered under an employer-sponsored retirement plan, then the non-working spouse can make a deductible contribution to his or her own IRA. True or False With a Roth IRA, contributions are deductible, the account grows tax-free, and distributions are not taxable. True or False...
Michael is single and 35 years old. He is a participant in his employer's sponsored retirement...
Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in each of the following alternative situations? a. Michael's AGl is $56,000 after he contributed $4,300 to a traditional IRA Contribution to Roth IRA b. Michael's AGI is $86,000 before any IRA contributions. Contribution to Roth IRA c. Michael's AGI is $141,000 before any IRA contributions. ontribution to Roth IRA
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in...
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct. Click here to access Exhibit 19.3. Do not round intermediate computations. a. Janet can contribute $ 5,500 to her traditional IRA, but she can deduct $ 4,400 Feedback Check My Work Employees not covered by another qualified...
Michael is single and 35 years old. He is a participant in his employer’s sponsored retirement...
Michael is single and 35 years old. He is a participant in his employer’s sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2019 in each of the following alternative situations? C. Michael’s AGI is $123,000 before any IRA contributions.
Bahri, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary...
Bahri, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary is $120,000, and his total AGI is $125,000. The maximum contribution he can make to a Roth IRA in 2019 is A) $2,400. B) $3,600. C) $4,800. D) $6,000.
Individual Retirement Accounts (LO 5.3) What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2018 (assuming they have sufficient earned...
Individual Retirement Accounts (LO 5.3) What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2018 (assuming they have sufficient earned income, but do not have an income limitation and are not covered by another pension plan)? 5,000 X
Individual Retirement Accounts (LO 5.3) What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2018 (assuming they have sufficient earned...
1) Brain, a 48-year-old single taxpayer, earned $98,000 in wages. He is not covered by an...
1) Brain, a 48-year-old single taxpayer, earned $98,000 in wages. He is not covered by an employer-sponsored retirement plan. What is his maximum allowable contribution to a traditional IRA for 2018? A)$0 B)$5,500 C)$6,500 D)$18,500 2) Melody is single with a modified adjusted gross income of $71,000. She is covered by an employer-sponsored retirement plan. She contributed $5,500 to her traditional IRA during the year. How much may she deduct? A)$0 B)$1,100 C)$4,400 D)$5,500 3) In 2018, Elysia (38) contributed...
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time student earned $3,400 during the year and was not eligible to participate in an employer-sponsored retireme...
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time student earned $3,400 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions during 2018 is $5,500. How much of a tax-deductible contribution can she make to an IRA? Multiple Choice 0 (Full time students are not alowed to parbcopete in IRAs $3.400 8.400 $5 500
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time...
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...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2018 Schedule C reports net profits of $5,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2018. Serena also pays long-term care insurance premiums of $600 in 2018. Calculate Serena’s self-employed health care deduction. $____________ Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has...
Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in each of the following alternative situations? a. Michael's AGl is $56,000 after he contributed $4,300 to a traditional IRA Contribution to Roth IRA b. Michael's AGI is $86,000 before any IRA contributions. Contribution to Roth IRA c. Michael's AGI is $141,000 before any IRA contributions. ontribution to Roth IRA
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct. Click here to access Exhibit 19.3. Do not round intermediate computations. a. Janet can contribute $ 5,500 to her traditional IRA, but she can deduct $ 4,400 Feedback Check My Work Employees not covered by another qualified...
Individual Retirement Accounts (LO 5.3) What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2018 (assuming they have sufficient earned income, but do not have an income limitation and are not covered by another pension plan)? 5,000 X
Individual Retirement Accounts (LO 5.3) What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2018 (assuming they have sufficient earned...
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time student earned $3,400 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions during 2018 is $5,500. How much of a tax-deductible contribution can she make to an IRA? Multiple Choice 0 (Full time students are not alowed to parbcopete in IRAs $3.400 8.400 $5 500
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time...
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