Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ms. Assad wants to know the maximum RRSP contribution she can make in 2019 or in the first 60 days of 2020 that will be
Ms. Assad wants to know the maximum RRSP contribution she can make in 2019 or in the first 60 days of 2020 that will be fully deductible on her 2019 tax return. The following information was taken from Ms. Assad's 2018 tax return: Income from employment... $44,000 RPP contributions deducted in arriving at employment income....... 1,000 Moving expenses 300 Taxable spousal support received 3,600 Pension income 6,000 Real estate rental income...... 1,400 The pension adjustment reported by Ms. Assad's employer for 2018 was $4,000. Ms. Assad also has a $1,000 unused RRSP deduction limit room which has carried forward from 2018. What is the maximum RRSP contribution that Ms. Assad can make in 2019 or in the first 60 days of 2020 and deduct fully on her 2019 tax return? Select one: A. $4,920 B. $5,000 C. $6,000 D. $23,500
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