Question
Phil, age 30, is married and files a joint return with his spouse. On February 15, 2015, Phil establishes a traditional IRA for himself and
Phil, age 30, is married and files a joint return with his spouse. On February 15, 2015, Phil establishes a traditional IRA for himself and a spousal IRA for his spouse with a $11,000 contribution, $5,500 for himself and $5,500 for his wife. Phil's spouse earned $1,000 in 2014 from a part-time job , and their combined AGI is $75,000. Neither Phil nor his spouse is an active participant in an employer-sponsored retirement plan.
A. _________________of the $11,000 contribution is deductible
B. The contribution applies to ______________because the contribution was made before the
dute date of the _____________________return.
C. The deduction is reported as a ______________AGI deduction.
D. If Phil and his spouse were active participants in an employer-sponsored retirement plan,_______________ of the $11,000 contribution would be deductible.
E. If a portion of the contribution is nondeductible in Part D is it possible for Phil to make a deductible and nondeductible contribution in the same year?
F. If Phil and his spouse's combined AGI were $120,000 in 2014 and Phil was an active participant in an employer-sponsored retirement plan_________________of the $11,000 would be deductible.
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