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Harriet and Harry Combs (both 37 years old) are married and both want to to contribute...

Harriet and Harry Combs (both 37 years old) are married and both want to to contribute to a Roth IRA. In 2019, their AGI before any IRA contribution deductions is $50,000. Harriet earned $46,000 and Harry earned $4,000.

a. How much can Harriet contribute to her Roth IRA if they file a joint return?

b. How much can Harriet contribute if she files a separate return?

c. How much can Harry contribute to his Roth IRA if they file separately?

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Answer #1
a)
The maximum IRA contribution for 2019 = $6000
Harriet Contribute $6000 to her Roth IRA as her modified adjusted gross income is less than $122,000
b)
Roth Contribution $0
Harriet and Harry Combs are Married couples filing separately living together modified AGI is more than $10,00 can’t make Roth IRA contributions .
c)
Roth Contribution = 6000 x 60% $        3,600.00
Since Harry's AGI is 40%(4000/10000) .Harry is only allowed to contribute 60% (100% - 40% disallowed percentage) of the $6000 maximum contribution for tax payers under 50 years of age at year end.
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