Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 19, Problem 42P
a.
To determine
State the maximum total deductible contribution to IRA for the situation given.
b.
To determine
State the maximum total deductible contribution to IRA for the situation given.
c.
To determine
State the maximum total deductible contribution to IRA for the situation given.
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For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023.
Traditional IRA
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.
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.
$
Contribution
6,000 X
10,600 X
6,000 X
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
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.
Chapter 19 Solutions
Individual Income Taxes
Ch. 19 - Prob. 1DQCh. 19 - Prob. 2DQCh. 19 - Prob. 3DQCh. 19 - Prob. 4DQCh. 19 - Prob. 5DQCh. 19 - Prob. 6DQCh. 19 - Prob. 7DQCh. 19 - Prob. 8DQCh. 19 - Prob. 9DQCh. 19 - Prob. 10DQ
Ch. 19 - Prob. 11DQCh. 19 - Prob. 12DQCh. 19 - Prob. 13DQCh. 19 - Prob. 14CECh. 19 - Prob. 15CECh. 19 - Prob. 16CECh. 19 - Prob. 17CECh. 19 - Zack, a sole proprietor, has earned income of...Ch. 19 - Prob. 19CECh. 19 - Prob. 20CECh. 19 - Prob. 21CECh. 19 - Prob. 22CECh. 19 - Prob. 23CECh. 19 - Prob. 24CECh. 19 - Prob. 25CECh. 19 - On April 5, 2017, Gustavo was granted an NQSO for...Ch. 19 - Prob. 27PCh. 19 - Prob. 28PCh. 19 - Prob. 29PCh. 19 - Prob. 30PCh. 19 - Prob. 31PCh. 19 - Prob. 32PCh. 19 - Prob. 33PCh. 19 - Prob. 34PCh. 19 - In 2019, Magenta Corporation paid compensation of...Ch. 19 - Prob. 36PCh. 19 - Prob. 37PCh. 19 - Prob. 38PCh. 19 - Prob. 39PCh. 19 - Prob. 40PCh. 19 - Prob. 41PCh. 19 - Prob. 42PCh. 19 - Prob. 43PCh. 19 - Prob. 44PCh. 19 - Carri and Dane, ages 34 and 32, respectively, have...Ch. 19 - Prob. 46PCh. 19 - Prob. 47PCh. 19 - Prob. 48PCh. 19 - Prob. 49PCh. 19 - Prob. 50PCh. 19 - Prob. 51PCh. 19 - Prob. 52PCh. 19 - Prob. 53PCh. 19 - Prob. 54PCh. 19 - Prob. 55PCh. 19 - Prob. 56PCh. 19 - Prob. 57PCh. 19 - Prob. 1RPCh. 19 - Prob. 2RPCh. 19 - Prob. 3RPCh. 19 - Prob. 6RPCh. 19 - Prob. 8RPCh. 19 - Prob. 1CPACh. 19 - Ryan is 39 years old and works as a real estate...Ch. 19 - Prob. 3CPACh. 19 - Prob. 4CPA
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