Question
Finnian (32, wages $127,000) and Rhonda (30, wages $99,000) live together and file a joint return They would like to contribute to Roth IRAs. Neither
Finnian (32, wages $127,000) and Rhonda (30, wages $99,000) live together and file a joint return They would like to contribute to Roth IRAs. Neither is covered by an employer plan. May they contribute to a Roth IRA?
A)No, their AGI is too high to contribute to Roth IRAs.
B)Yes, but they will have to file separately to be within the income limits.
C)Yes, they can contribute to a traditional IRA and then convert the contributions to Roth IRAs.
D)No, their combined income is too high to make any type of IRA contribution.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
