Cindy Lou is single, age 35, and wants to make a contribution to an IRA for the year ended December 31, 2021. She is an active participant in a qualified retirement plan sponsored by her employer. Her AGI for 2021 is $129,000 before considering any IRA contribution. Read the requirements. LOADING... Question content area bottom Part 1 Requirement a. What type of IRA, if any, is Cindy Lou eligible to make a contribution to for 2021? If she is eligible to contribute to an IRA, what is the maximum amount that she can contribute to the IRA? (Complete all input fields. Enter a "0" for any zero amounts. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest whole dollar.) For 2021 Cindy Lou is eligible to make a $ deductible contribution to a traditional IRA. She is eligible to make a $ contribution to a Roth IRA and a $ nondeductible contribution to a traditional IRA. Alternatively, if Cindy Lou , she can contribute $ to a nondeductible traditional IRA. Part 2 Requirement b. Assume Cindy Lou contributes a total of $11,000 over six years to a Roth IRA. In 2027, she withdraws $13,000 to pay off her car loan. Her financial advisor suggested she withdraw the money from the IRA for two major reasons: (1) to eliminate her debt and (2) no tax would be due on distributions from a Roth IRA after five years. Cindy Lou wants to verify the accuracy of her advisor's advice. What would be the tax consequences of this withdrawal? The tax consequences of this withdrawal are as follows: (Select all consequences that apply. If an input field is not used in the table, leave the input field empty; do not select a label.) Part 3 Alternatively, what if Cindy Lou withdrew the $13,000 to purchase a house (she is a first-time homebuyer)? Alternatively, if the $13,000 was used to purchase a house, the tax consequences of this withdrawal are as follows: (Select all consequences that apply. If an input field is not used in the table, leave the input field empty; do not select a label.) Part 4 Requirement c. Alternatively to Part b above, assume Cindy Lou has a traditional deductible IRA that has a balance of $55,000. She has been able to deduct all of her contributions to the IRA in prior years. Her financial advisor has recommended that she rollover the funds from her traditional IRA to a Roth IRA in 2021. What are the tax consequences of this rollover in 2021? A. Cindy Lou is not eligible to rollover her traditional IRA to a Roth IRA because her AGI is more than $100,000. As a result, there is no tax consequences in 2021. B. Cindy Lou is not eligible to rollover her traditional IRA to a Roth IRA because she is under age 59 1/2. As a result, there is no tax consequences in 2021. C. Cindy Lou is eligible to rollover her traditional IRA to a Roth IRA. She must include the entire rollover amount in her gross income in the year of the rollover. D. Cindy Lou is eligible to rollover her traditional IRA to a Roth IRA. There is no tax consequences in 2021 because this is a qualified rollover.