Question
Charlene has self-only coverage in a qualifying high-deductible heath insurance plan. She is 47 years old and wishes to contribute the maximum amount to her
Charlene has self-only coverage in a qualifying high-deductible heath insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2018. A) $1,000 B)$1,300 C)3,450 D) $3,400 E)$4,600
Lyndon, age 24, gas a nonworking spouse and earns wages of $36,000 for 2018. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct for contributions to his and his wife's individual retirement accounts for the 2018 tax year? A)$11,000 B)$3,600 C)$4,500 D)$5,500 E) None of the above
Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2018 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? A)$2,700 B)$3,500 C)$5,500 D)$11,000 E) 0
PLEASE REFER TO MOST RECENT TAX CODE WHEN SOLVING
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