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- How much can the following single taxpayer contribute to a traditional IRA? The taxpayer earns $119,900 at a job in 2018. He is not covered by another qualified plan.T w up Question 33 of 50. Which of the following statements about traditional IRAs is TRUE? O Taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose of contributing to an IRA. Taxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an IRA. Taxpayers with a timely-filed extension have until October 15 of the tax year to establish and contribute to an IRA. Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an IRA. Mark for follow up Question 34 of 50.Which of the following statements concerning contributions to traditional IRAS is correct? (A) Contributions may be used to buy life insurance policies. (B) Contributions may be deductible or nondeductible. (C) Contributions may be commingled with a taxpayer's other assets. (D) The maximum contribution is 25 percent of the taxpayer's income.
- Which of the following can be adjustment(s) to gross income on the 1040 form? Multiple correct question Alimony paid Child care deductions Health insurance premiums paid by self-employed individuals Traditional IRA contributions Moving expensesA 42-year-old single taxpayer earning a salary of $138,000 a year can make which of the following IRA contributions if he is not coverec by a plan at work? Oa. S7.000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA Ob. $6,000 to elther a traditional IRA a Roth IRA. or a nondeductible IRA Oc. $6.000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA Od. $6,000 to a Roth IRA onlyUnder a Roth IRA, I. any taxpayer may contribute and deduct up to $6,000 deductible contributions per year. II. the maximum annual contribution is phased out for unmarried taxpayers with adjusted gross income between $124,000 and $139,000. Oa. Only statement I is correct. Ob, Only statement II is correct. Oc. Both statements are correct. Od. Neither statement is correct. Previous Next
- What are the 2 principle types of IRAs in the US? What is an IRA? What are the 2019 and 2020 maximum contribution for an IRA? Are there any special rules for a contributions and/or limitations? Include non-deductible IRAs in your discussion. In your solution provide the answer to these questions, proper links to the IRS rules and examples you create not the same as the text. Cite your work.Which of the following statements about traditional IRAs is TRUE? Taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose of contributing to an IRA. Taxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an IRA. Taxpayers with a timely-filed extension have until October 15 of the tax year to establish and contribute to an IRA. Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an IRA.Which of the following statements is CORRECT regarding a spousal IRA? a- A spouse may be eligible to contribute to an IRA even if they have no income of their own. b- A spousal IRA is allowed for any filing status. c- The limitation on the amount that can be contributed to a spousal IRA is always the same as that of the working spouse. d- The taxpayer's income is not taken into consideration when establishing a spousal IRA.
- In a ROTH IRA or 401 (k): O A. Contributions are NOT tax deductible in the year they are made B. Withdrawals are tax free as long as they are held for at least 5 years and you are at least 591/2 years old C. Neither A nor B D. Both A & BMr. Jones made a contribution to his self-employed retirement plan (SEP IRA plan). This contribution is: O A. Not deductible. A deduction to arrive at adjusted gross income. A deduction from adjusted gross income. D. A deduction from adjusted gross income, subject to a 2 percent AGI floor. B. O C.Which of the toliowing types of interest is not taxable in the year it is posted to the taxpayer's account? Select one O a Interest on a savings account OD interest on an investment account Oc Imterest on an IRA O d. interest on ife insurance proceeds remaining with the insurance company