Question
Kevin and Jill are married and in 2019 file a joint return. Kevin is 52 and is not an active participant in a qualified employer
Kevin and Jill are married and in 2019 file a joint return. Kevin is 52 and is not an active participant in a qualified employer pension plan, while Jill is 48 and is an active participant in a qualified employer pension plan. Determine the maximum Roth IRA contribution that can be made in each of the following cases:
a. Assume that they did not make any contributions to other IRA accounts during the year. When their adjusted gross income for the year is $125,000, Jill's maximum contribution to her Roth IRA is $________
b. When their adjusted gross income for the year is $194,000, Jill's maximum contribution to her Roth IRA is $__________
c. When their adjusted gross income for the year is $201,000, Jill's maximum contribution to her Roth IRA is $__________
d. Would your answer to parts a and b (for Kevin's contribution) change if Kevin makes the maximum allowable contribution to his deductible IRA? (YES OR NO)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started