Question

The taxpayer is MFJ (Age 40), with an AGI of $199,000 and is not an active...

The taxpayer is MFJ (Age 40), with an AGI of $199,000 and is not an active participant in an employer sponsored plan, but the taxpayers spouse is an active participant. (Assume 2020 tax year)

Calculate the taxpayers maximum deduction for a Traditional IRA contribution.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

solution:

Individual pension account :-

Individual pension account is AN account created with a financial organisation to save lots of for future ie; retirement designing .It has 3 sorts of plans those square measure tradition IRA author IRA and change IRA (401k and 403b).

The payer is married stuffed joints (age 40)with AN AGI of $199,000 ANd isn't a lively participant in an leader - sponsored set up however the taxpayers partner is a lively participant (2020 tax year ). calculate the taxpayers most deduction for ancient IRA contribution.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The taxpayer is married filled joints (age 40), with an AGI of $199,000, and is not...
The taxpayer is married filled joints (age 40), with an AGI of $199,000, and is not an active participant in an employer-sponsored plan, but the taxpayers' spouse is an active participant (2020 tax year). Calculate the taxpayer's maximum deduction for traditional IRA contribution.
Andi is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored...
Andi is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, her AGI is $78,000 in 2020. What is the maximum amount she may contribute to a tax deductible IRA? A) $ 0 B) $4,800 C) $6,000 D) $7,000 SHOW ALL WORK AND LABEL.
-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?
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...
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?
Vickie is single and age 43. She reported AGI of $124,000 in tax year 2017. She...
Vickie is single and age 43. She reported AGI of $124,000 in tax year 2017. She is an active participant in her employer’s pension plan. What is the maximum Roth IRA contribution she can make in 2017? a. $0 b. $3,300 c. $2,200
Mr. and Mrs. Davos file a joint tax return. Each spouse contributed $3,800 to a traditional...
Mr. and Mrs. Davos file a joint tax return. Each spouse contributed $3,800 to a traditional IRA. In each of the following cases, compute the total deduction for these contributions. The AGI in each case is before any deduction. a.) Neither spouse is an active participant in a qualified retirement plan, and their AGI is $123,400. b.) Mr. Davos is an active participant, but Mrs. Davos is not. Their AGI is $123,400. c.) Both spouses are active participants, and their...
The taxpayer covered by an employer retirement plan in 2018 who may qualify for a full...
The taxpayer covered by an employer retirement plan in 2018 who may qualify for a full deduction of their traditional IRA contribution is 1) Kelli, who files single with modified AGI of $64,000 2) Mark, who files head of household with modified AGI of $65,000 3) Samantha, who is filing a joint return as a surviving spouse with modified AGI of $96,000 4) Donald, who is married, filing a joint return with modified AGI of $101,500
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?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT