What is the limit of modified agi in order for the jenkins

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Reference no: EM132665503

Problem 1: The Jenkins, a married couple who file Married Filing Jointly, want to set up Traditional IRA accounts. If neither are covered by a retirement plan at work, what is the limit of their modified AGI in order for the Jenkins to be able to contribute to a Traditional IRA?

Select one:

a. Less than $64,000

b. Less than $203,000

c. Less than $123,000

d. Limits do not apply

Problem 2: Randy, age 42, wants to open an IRA for retirement. Randy meets the eligibility requirements necessary to make an IRA contribution. Which of the following statements regarding Randy's IRA contributions is correct?

Select one:

a. Randy can only make a Roth IRA contribution.

b. If Randy chooses to make a contribution to a traditional IRA, his contribution will be nondeductible due to his age.

c. Randy can only make a traditional IRA contribution.

d. Randy can contribute to a traditional or Roth IRA; however, his contribution could be limited.

Reference no: EM132665503

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