Question

Wayne, age 53, and Janet, age 51, are married and file a joint return. Wayne is covered by an employer retirement plan. In 2019, Wayne had compensation of $50,000 and Janet had compensation of $175,000. Their modified adjusted gross income (MAGI) was $200,000. What is the amount of the deductible contribution that can be made for Janet to her traditional IRA for 2019

Answer 1

Answer:

The amount of the deductible contribution that can be made for Janet to her traditional IRA for 2019 is:

$7,000.

Explanation:

The limit for IRA contribution is $6,000 for those aged under 50.  For those aged 50 and above, the limit for the IRA contribution (both traditional IRA and Roth IRA is $7,000).  This implies that Janet cannot set aside any amount higher than $7,000 for her IRA, and if she does, she cannot claim credit for the excess.

Answer 2

In this exercise we have to use the knowledge of statistics so that the amount that will be deductible contribution that were made to Janet will be the value of:

$The \ value \ is \ \ 7,000$

So that way we can use the knowledge for what:

• The limit for IRA bettering get along in life $6,000 for those traditional beneath 50.

• For those traditional 50 and above, surplus for the IRA donation (two together typical IRA and Roth IRA get along in life $7,000).

This display that Janet cannot call off few amount above $7,000 for her IRA, and if she act, she cannot claim credit for the debauchery fashionable individual desires.

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