a)Jackson and Ashley turner (both 45 years old) are married and want to contribute to a...

a)Jackson and Ashley turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley in 2019 their AGI is $198,000 Jackson and Ashley each earned half of the income how much can actually contribute to her Roth Aire if they file a joint return?

b) John (age 51 and single) has earned income of $2500 he has $30,000 of unlearned (capital gain) income if he does not participate in an employer sponsored plan what is the maximum deductible IRA contribution John can make in 2019?

Expert Solution

SOLUTION :

Given that ,

THE AGI THRESHOLD LIMITS FOR MARRIED INDIVIDUALS FILLING JOINTLY IS BETWEEN $193,000 - $203,000 . BECAUSE JACK AND ASHLEY'S AGI IS 10% OF THE WAY BETWEEN $193,000 AND $ 203,000 .YOU AND YOUR SPOUSE CAN EACH CONTRIBUTE ANNUALLY UPTO $6,000 (FOR 2019 )OR 100% OF YOUR EARNED INCOME , WHICHEVER IS LESS IN TO AN IRA .

IF MARRIED COUPLES FILLING JOINTLY CAN GENERALLY CONTRIBUTE A TOTAL OF $11,000 ($5,500 PER SPOUSE ) EVEN IF ONLY ONE SPOUSE HAD INCOME .

I.E, $5500 PER SPOSE [ 5500 * 90% = 4950 ]

NOTE INDIVIDUALS ARE ALLOWED TO CONTRIBUTE A ROTH IRA AS LONBG AS THEIR AGI FALLS BELOW CERTAIN THRESHOLD LIMITS .

B )

FROM THE ABOVE FOLLOWING INFORMATION,

AS PER IRA 2019GUIDELINES FOR SINGLES AND HEAD OF HOUSE HOLDS , THE INCOME RANGE OF $122,000 - $137,000

AND IF THE CAPITAL GAIN RULES WAS SATISFIED THEN IT WILL TAKE IN TO EXEMPTION .

HERE. $7000 IF YOUR AGE 50 OR OLDER INDIVIDUALS CAN CLAIM .

THANK YOU ,

ekkarill92 answered 1 year ago

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