John, age 52, and Lucy, age 49, are married filing jointly. Both are self employed and report their business income on Schedule C. John’s Schedule C showed $12,500 in profits during 2022 while Lucy had a loss of $4,200 on her Schedule C. Lucy also earned $5,600 from a seasonal part-time job at Target. Together, they own a residential rental property that earned $45,000 in passive income for the year. What is the maximum allowable IRA contribution for each in 2022?
John, age 52, and Lucy, age 49, are married filing jointly. Both are self employed and report their business income on Schedule C. John’s Schedule C showed $12,500 in profits during 2022 while Lucy had a loss of $4,200 on her Schedule C. Lucy also earned $5,600 from a seasonal part-time job at Target. Together, they own a residential rental property that earned $45,000 in passive income for the year. What is the maximum allowable IRA contribution for each in 2022?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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John, age 52, and Lucy, age 49, are married filing jointly. Both are self employed and report their business income on Schedule C. John’s Schedule C showed $12,500 in profits during 2022 while Lucy had a loss of $4,200 on her Schedule C. Lucy also earned $5,600 from a seasonal part-time job at Target. Together, they own a residential rental property that earned $45,000 in passive income for the year. What is the maximum allowable IRA contribution for each in 2022?
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