What amount is jodie allowed to contribute to roth ira

Assignment Help Accounting Basics

Reference no: EM132665500

Problem 1: Steve (age 55) and May (age 48) are married and will file a joint return. Steve is an elementary school teacher, and May is unemployed. During the year, Steve contributed $7,000 to his traditional IRA and May contributed $6,000 to her traditional IRA. Steve had wages of $10,500 for the year. Steve also received $8,500 in unemployment compensation during the year. They received $1,580 in interest income and $3,560 in dividend income. What would the couple's IRA deduction be for the tax year?

Select one:

a. $ 7,000

b. $10,500

c. $12,000

d. $13,000

Problem 2: Jodie, age 52, filed her tax return using the Married Filing Separately status and lived with her husband during the year. Her modified AGI is $68,000. She is considering making a contribution to her Roth IRA. What amount is Jodie allowed to contribute to her Roth IRA for the tax year?

Select one:

a. $7,000

b. $ 0

c. $3,000

d. $6,000

Reference no: EM132665500

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