-Jack (age 52) and Jill (age 49) are a married couple. Jack is covered under...
60.1K
Verified Solution
Link Copied!
Question
Accounting
-Jack (age 52) and Jill (age 49) are a married couple. Jack is covered under a qualified retirement plan at his job and earned $180,000 in 2018. Jill is employed as a lab technician and earned $42,000 but is not covered under a qualified retirement plan. They file a joint return; have interest and dividend income of $25,000. What is their maximum for AGI deduction for contributions to a traditional IRA?
A) $0
B) $5,500
C) $6,500
D) $12,000
-Reyansh is a 54-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $72,000 in 2018. What is the maximum amount he may contribute to a tax deductible IRA?
A) $4,500
B) $5,000
C) $5,500
D) $6,500
-Prisha, a single 40-year-old physician, is covered by a qualified retirement plan at work. Her salary is $115,000, and her total AGI is $129,000. The maximum contribution she can make to a Roth IRA in 2018 is
A) 0.
B) $2,200.
C) $3,300.
D) $5,500.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
