$5500
The Maximum amount 45 year old tax payer or 45 year old spouse can deposit 5500 into IRA
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...
Problem 5-4 Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2019 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2019? Phil 5,500 X Linda $ 5,500 X...
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
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...
Benard, a 50 year old single taxpayer earned 43000 in wages. He is covered by an employer-sponsord retirement plan. what is his maximum allowable contribution to a traditional IRA for 2018? A. 18000, B 6,500 C. 5500, D. 0
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...
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...
1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since he does not have any other income or adjustments, his modified adjusted gross income (MAGI) is also $74,000. He is covered by a retirement plan at work. Mark is very interested in saving for retirement, and he would like to contribute to a traditional IRA for 2018. However, he does not want to contribute more than he can deduct, what is his maximum deductible...
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2018). In 2018, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations? a. He sets up a SEP IRA. b. He sets up an individual 401(k).
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...
9. Which of the following statements concerning Roth IRAs is correct? a. in the event of distributions from a Roth IRA, the earnings are deemed withdraw first. b. A distribution from a Roth IRA must include both earnings and contributions c. if the entire Roth IRA is distributed within 5r years to buy a car, only the earnings are subject to income tax, but the entire amount may be subject to penalty. d. if distributions are made within 5 years...