Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz only answer the ones on red marked wrong thank you Chandra is age 48 and single. Required: a. What is the maximum contribution that

plz only answer the ones on red marked wrong
thank you image text in transcribed
image text in transcribed
image text in transcribed
Chandra is age 48 and single. Required: a. What is the maximum contribution that Chandra can make to a Roth IRA If AGI consists of an $89,400 salary? b. What is the maximum contribution that Chandra can make to a Roth IRA if AGI consists of an $89,400 salary plus $44,000 interest and dividends from a trust fund? c. What is the maximum contribution that Chandra can make to a Roth IRA if AGI consists of a $125,000 salary plus a $19,250 share of ordinary income from a partnership? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the maximum contribution that Chandra can make to a Roth IRA if AGI consists of an $89,400 salary plus $44,000 interest and dividends from a trust fund? Note: When applicable, round phase-out percentage to the nearest whole number. Micah and Lin Davos file a joint tax return. Each spouse contributed the maximum $6,000 to a traditional IRA. Required: In each of the following cases, compute the deduction for these contributions. The AGI in each case is before any deduction. a. Neither spouse is an active participant in a qualified retirement plan, and their AGI is $138,400. b. Micah is an active participant, but Lin is not. Their AGI is $128,400. c. Both spouses are active participants, and their AGI is $89,200. d. Micah is self-employed and does not have a SEP plan. Lin is an active participant. Their AGI is $114,400. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. Ms. Ray is age 46 and 'single. This year, Mr. Ray's retirement savings included a $2,895 employer contribution to a qualified profitsharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. b. Compute Ms. Ray's IRA' deduction if current year income includes $71,250 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary and $7,970 dividend income. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute Ms. Ray's IRA deduction if currsit year income includes $71,250 salary and $7,970 dividend income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison

12th Edition

B002ODFC0E

More Books

Students also viewed these Accounting questions

Question

6. Write a job specification.

Answered: 1 week ago

Question

The amount of work I am asked to do is reasonable.

Answered: 1 week ago

Question

The company encourages a balance between work and personal life.

Answered: 1 week ago