b. Michael's AGI is $89,500
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- Required information [The following information applies to the questions displayed below.] Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2021 in each of the following alternative situations? (Leave no answers blank. Enter zero if applicable.) 1. Michael's AGI before the IRA contribution deduction is $57,000. Michael contributed $3,600 to a traditional IRA. Contribution to Roth IRA[The following information applies to the questions displayed below.] Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael contribute to a Roth IRA in 2021 in each of the following alternative situations? (Leave no answers blank. Enter zero if applicable.) :. Michael's AGI is $142,000 before any IRA contributions. Contribution to Roth IRAJackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $224,500. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. Problem 13-73 Part a (Algo) . How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA $ 1,800
- Owen, who is single, contributed $6,500 to his Roth IRA for 2023. He had MAGI of $17,000 for 2023 and used the single filing status. Owen has never taken a distribution from a retirement plan. What is his maximum retirement savings credit for 2023? 1. $0. ii. $200. ili. $1,000. iv. $2,000.Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael directly contribute to a Roth IRA in 2023 in each of the following alternative situations? Note: Leave no answers blank. Enter zero if applicable. a. Michael's AGI before the IRA contribution deduction is $62,000. Michael contributed $4,600 to a traditional IRA.For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. 6,000 X
- Shoshan, age 63, retired and began receiving retirement benefits on January 1, 2021. The benefits will be paid for the joint lives of Shoshan and his wife, Aviva, age 67. Shoshan had $36,000 in after-tax contributions to his qualified plan and had received no distributions prior to retirement. How much will Shoshan and Aviva be able to exclude from each of the annuity payments? a. $100 b. $116 c. $138 d. $171 which is correct a, b, c. or d?For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution 6,000 X a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. 10,600 x 6,000 XHw.12. Jaden (single) has a traditional IRA to which he has made only deductible contributions. At the end of 2022, Jaden is 74 years old. Jaden's required minimum distribution (RMD) from his IRA for 2022 is $5,000. Before considering the RMD, Jaden's AGI is $100,000. Jaden does not itemize deductions. Required: What is Jaden's AGI if Jaden receives the RMD and donates the $5,000 distribution proceeds to a qualifying charity? What is Jaden's AGI if Jaden directs the IRA trustee to transfer the $5,000 distribution directly to a qualifying charity as a qualified charitable donation (QCD)?
- Myers, who is single, has compensation income of $66,600 in 2020. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Click here to access Exhibit 19.3 Phaseout of IRA Deduction of an Active Participant. Do not round any division. If required, round your answer to the nearest dollar. Of the $6,000 contribution, how much can Myers deduct? 3,600 XJim is single, age 38, and an active participant in his employer's qualified retirement plan. His AGI for 2023 is $77,000, and he makes the maximum contribution to his traditional IRA. Based on this information, what is the amount of the deductible contribution to Jim's Traditional IRA for this year? 1) $2,400 O2) $3,200 3) $3,900 O4) $6,000 SayProblem 11-62 (LO 11-5) Pablo and his wife Bernita are both age 58. Their combined AGI is $83,000. Neither is a participant in an employer-sponsored retirement plan. They have been contributing to a traditional IRA for many years and have built up an IRA balance of $100,000. They are considering rolling the traditional IRA into a Roth IRA. Required: a. Is the couple eligible to make the conversion? b. Assume that the couple does not make the conversion but, instead, establishes a separate Roth IRA in the current year and properly contributes $3,000 per year for four years, at which point the balance in the Roth is $21,000 (contributions plus investment earnings). At the end of four years, they withdraw $22,000 to pay for an addition to their house. What is the amount of withdrawal that is taxable, if any? c. Assume same facts as in requirement b, except that they instead withdrew only $6,000. What is the amount of withdrawal that is taxable? d. What if the $22,000 withdrawal is used to…
