Question
Harvey, aged 56, is married, filing jointly, and is not an active participant in a qualified plan. However, his wife, Sophie, is an active participant
Harvey, aged 56, is married, filing jointly, and is not an active participant in a qualified plan. However, his wife, Sophie, is an active participant in a qualified retirement plan. Harvey's compensation is $81,000 and their combined modified AGI is $170,000 in 2019.
Click here to access Exhibit 11.2. Do not round intermediate computations. If an amount is zero, enter "0".
a. The maximum Harvey can contribute $ _________to his traditional IRA, and he can deduct $_________. His wife Sophie can make a $__________ deductible IRA contribution.
b. Assume instead that Harvey is a participant in a SIMPLE IRA and that he elects to contribute 3% of his compensation to the account, while his employer contributes 2%.
Harvey will contribute $__________ to his SIMPLE IRA account. His employer will contribute $_________. The amount that will vest immediately is $.
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a The maximum Harvey can contribute to his traditional IRA is 6000 and he can deduct 0 Hi...Get Instant Access to Expert-Tailored Solutions
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