What is the maximum amount a 55-year-old taxpayer and 52-year-old spouse can put into a Traditional or Roth IRA for 2022, assuming they earn $70,000 in total and are not participants in pension plans?
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- What is the maximum amount a 55-year-old taxpayer and 52-year-old spouse can put into a Traditional or Roth IRA for 2020, assuming they earn $70,000 in total and are not participants in pension plans?What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2018 (assuming they have sufficient earned income, but do not have an income limitation and are not covered by another pension plan)?$Harriett is age 52, married, and reported AGI of $118,000 in tax year 2023. She is an active participant in her employer's pension plan. What is the maximum deductible IRA contribution she can make for her own account in 2023? Question options: $750 $6,750 $7,500 some other number
- 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.1. What is the total pension expense in 2021?2. How much from the pension expense is recognized in the 2021 profit or loss?How much could Ramzi contribute to his RRSP in 2020 if he belonged to a defined-benefit pension plan instead of a defined-contribution pension plan? Assume that his earned income is still 92000 and his DBPP accrual rate is 1.5 percent. He has a defined-contribution pension plan to which he and his employer both contributed 4800 in 2019. Ramzi can make an RRSP contribution of $ enter your response here in 2020. (Round to the nearest dollar)
- Each taxpayer is covered by an employer retirement plan in 2022. Choosing from the listed scenarios, who may qualify for a full deduction of their traditional IRA contribution? a. Barker, who flies single with modifed adlusted gross income of $68,025 b. Crosby, who is fiing a joint return as a qualifying surviving spouse with modifed adjusted gross income of $94, 000. c. Darius, who files head of household with modified adjusted gross income of $68, 500. d. Kaityn, who files a joint return with Kenneth, with modifed adjusted gross income of $ 109, 200.Question 54 of 75. Each taxpayer is covered by an employer retirement plan in 2022. Choosing from the listed scenarios, who may qualify for a full deduction of their traditional IRA contribution? O Barker, who files single with modified adjusted gross income of $68,025 Crosby, who is filing a joint return as a qualifying surviving spouse with modified adjusted gross income of $94.000. Darius, who flies head of household with modified adjusted gross income of $68.500 Kaitlyn, who fles a joint return with Kenneth, with modified adjusted gross income of $109.200 Mark for follow upFor 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account? a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. b. $1,000 annually. c. $3,000 annually. d. all of the above.
- For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. 6,000 XRegarding Rodney' s Registered Retirement Savings Plan situation, assume that the following data is accurate: - His earned income in 2019 was $100,000, and $150,000 in 2020 - His Pension Adjustment based on 2019 data was $8,000, and based on 2020 data, it was $9,000. - Unused RRSP deduction limit room at the end of 2019 was $3,000. - He had undeducted RRSP contributions balance of $3,275 at the end of 2019. - He contributed $13,000 to his RRSP in 2020. Required: 1. What is the RRSP contribution room limit for 2020 2. What is the maximum RRSP tax deduction that can be claimed for 2020 3. What is the unused RRSP Contribution Room available at the end of 2020 4. Determine any undeducted contributions remaining at the end of 2020; and 5. Determine whether at the end of 2020, there are any excess RRSP contributions, on which penalties will applyHow much is the defined benefit obligation on December 31, 2019? What is the amount of overfunding (underfunding) in the retirement cost for 2019? Defined benefit liability at December 31, 2019 statement of financial position is?
