Question

John (age 53 and single) has earned income of $3,600. He has $34,600 of unearned (capital...

John (age 53 and single) has earned income of $3,600. He has $34,600 of unearned (capital gain) income.

a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2017?

b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2017?

c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2017 if he has earned income of $11,600?

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital...
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2015? If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2015? If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2015...
tax year 2015 John (age 51 and single) has earned income of $3,000. He has $30,000...
tax year 2015 John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2015 if he has earned income of $10,000?
William is a single writer (age 35) who recently decided that he needs to save more...
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2018 AGI before the IRA contribution deduction is $66,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2018?
Venkat is age 32, single, and reported AGI of $70,000 in tax year 2019. He is...
Venkat is age 32, single, and reported AGI of $70,000 in tax year 2019. He is an active participant in his employer's pension plan. What is the maximum deductible IRA contribution he can make in 2019? A) $0. B) $2,400. C) $3,600. D) $6,000. Jill is single, age 27, and reported AGI of $66,000 in tax year 2019. She is an active participant in her employer's pension plan. What is the maximum deductible Roth IRA contribution she can make in...
Scott, age 39, is single and earns $66,000 annually. He participates in his employer’s retirement plan....
Scott, age 39, is single and earns $66,000 annually. He participates in his employer’s retirement plan. Which of the following describes his ability to establish a Traditional IRA and the tax treatment of his contribution for 2017? 1- Scott can make a $5,500 tax deductible contribution to a Traditional IRA 2- Scott can make a $4,400 tax deductible contribution to a Traditional IRA 3- Scott can make a $3,300 tax deductible contribution to a Traditional IRA 4- Scott is not...
-Jack (age 52) and Jill (age 49) are a married couple. Jack is covered under a...
-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...
Leon, age 45, is an active participant in his employer’s defined benefit retirement plan, but he...
Leon, age 45, is an active participant in his employer’s defined benefit retirement plan, but he would also like to make a deductible contribution to a traditional IRA this year. Leon is married, files a joint return with his wife, and has an AGI of $113,000 in 2020. What is the maximum deductible contribution that Leon can make to a traditional IRA?
Leon, age 45, is an active participant in his employer’s defined benefit retirement plan, but he...
Leon, age 45, is an active participant in his employer’s defined benefit retirement plan, but he would also like to make a deductible contribution to a traditional IRA this year. Leon is married, files a joint return with his wife, and has an AGI of $112,000 in 2019. What is the maximum deductible contribution that Leon can make to a traditional IRA?
John, a single man, is not covered by another qualified plan and earned $120,000 at his...
John, a single man, is not covered by another qualified plan and earned $120,000 at his job in 2017. How much can he contribute to a traditional IRA or to a Roth IRA in 2017?
Joyce and Barry Bright are both employed and 56 years of age. In 2017 Barry earned...
Joyce and Barry Bright are both employed and 56 years of age. In 2017 Barry earned wages of $2500; Joyce earned wages of $86530. Joyce is an active participant in her employer-maintained pension plane. The Brights plan to file a joint tax return. Their modified AGI is $10,9782. A) What is the latest date by which an IRA contribution must be made in order for it to be claimed on the Bright's 2017 return? B) Can the tax payments be...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT