Question

Ben is a 19-year-old single software inventor earning $200,000 a year and is not covered by...

Ben is a 19-year-old single software inventor earning $200,000 a year and is not covered by a pension plan at work. How much can he put into a Roth IRA in 2017

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

For the year 2017, you can only contribute to Roth IRA if only if you make less than $133,000 for single filers and$196,000 for married couples filing jointly. (For 2018, these figures are $135,000 and $199,000 respectively).

The maximum annual contribution to Roth IRA is $5, 500 unless your age is 50 or more, in which case it is $6,500. (Contribution limits remaur same for both 2017 and 2018).

In the given case as the earnings of Ben ( Single filer) crossed the limit of $133,000, he cannot put any amount into a Roth IRA in 2017.

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
Bob is a single, 40-year-old doctor earning $190,000 a year and is not covered by a...
Bob is a single, 40-year-old doctor earning $190,000 a year and is not covered by a pension plan at work. What is the maximum deductible contribution into a Traditional IRA and how much can he put into a roth IRA in 2019
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?
Chan, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary...
Chan, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary is $120,000, and his total AGI is $129,000. The maximum contribution he can make to a Roth IRA in 2020 is A) 0. B) $2,400. C) $4,000. D) $6,000. LABEL & SHOW ALL WORK.
What is the maximum amount a 55 year old taxpayer and 52 year old spouse can...
What is the maximum amount a 55 year old taxpayer and 52 year old spouse can put into a traditional or Roth IRA for 2019 assuming they earn $70,000 in total and are not participants in pension plans.
Ty (single) would like to make a contribution to a Roth. He is 25 years old....
Ty (single) would like to make a contribution to a Roth. He is 25 years old. His AGI is $200,000. He is an active participant in a retirement plan at work. This will be his first time to make a contribution to a Roth or Traditional IRA.   What can you advise him? a. You are over the phase-out ranges for contributions to either a Roth or a Traditional IRA.  Congratulations on the high income!   b. Yes, you are eligible to make...
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
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...
-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...
Carole, age 38, is single and works as a physical therapist. She is covered by her...
Carole, age 38, is single and works as a physical therapist. She is covered by her employer’s retirement plan, and contributes $5,500 to her conventional IRA. If her AGI is $63,000, how much IRA contribution can she deduct for tax purpose?
Since he was 22 years old, Ben has been depositing $275 at the end of each...
Since he was 22 years old, Ben has been depositing $275 at the end of each month into a tax-free retirement account earning interest at the rate of 5.5%/year compounded monthly. Larry, who is the same age as Ben, decided to open a tax-free retirement account 5 years after Ben opened his. If Larry's account earns interest at the same rate as Ben's, determine how much Larry should deposit each month into his account so that both men will have...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT