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Calculate Irenes maximum contribution to a Roth IRA

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Reference no: EM132704217

Problem -

a. During 2018, George (a 24-year-old single taxpayer) has a salary of $46,000, dividend income of $14,000, and interest income of $3,000. In addition, he has rental income of $1,000. George is covered by a qualified retirement plan. Calculate the maximum regular IRA deduction that George is allowed.

b. During 2018, Irene (a single taxpayer, under age 50) has a salary of $114,500 and dividend income of $10,000. Calculate Irene's maximum contribution to a Roth IRA.

Reference no: EM132704217

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