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- Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collecting his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the standard deduction. Their only income other than the Social Security benefits are: The Social Security benefits for the year would be 12,000. a. Complete Worksheet 1, Figuring Your Taxable Benefits, included in IRS Publication 915 to determine the taxable portion of this couples taxable Social Security benefits (the publication includes a blank worksheet). b. What is the taxable portion of the 12,000 in Social Security benefits?Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Select one: a. $6,500 b. $11,000 c. $13,000 d. $12,000Caleb is age 51 and works for Helena Corporation, where he earned $110,000. Celeste (age 48), his wife, does not work outside the home and has no earned income. Caleb and Celeste file a married, filing joint tax return. Caleb contributed $15,000 to his 401k account with Helena Corporation. What is the maximum Cáleb can contribute to his Roth IRA and what is the maximum Celeste can contribute to her Roth IRA for 2020 (I need two answers; one for each spouse)?
- Mabel is 45 and earned $30,000 in 2018. If she contributed $6,000 to her traditional IRA, what would be her excise penalty? . Hannah, age 56, earned $58,000 in 2018. She is also a participant in a qualified plan to which she contributed $18,500. How much can she contribute to a traditional IRA in 2018? $6,500 b. $5,500 c. $0 she is ineligible d. $7,000 In question 3 above, would her contribution to a traditional IRA be tax-deductible? Yes b. No If you own a Roth IRA, are you subject to Required Minimum Distributions? Yes b. No Bernice is age 54 and her granddaughter, age 18, will be attending UMSL in the Fall 2018. Bernice would like to withdraw $15,000 from her traditional IRA to pay for some of her granddaughter’s college expenses. She asks if this withdrawal can be made without a 10% penalty. You tell her: No way b. no 10% penalty c. tax on withdrawal and 10% penalty d. none of these answers. Gus is 72 and works part-time earning $16,000 per year. He asks you whether he…Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $209,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA?An Individual Retirement Account (IRA) is an account in which the saver does not pay income tax on the amount deposited but is not allowed to withdraw the money until retirement. (The saver pays income tax at that point, but his or her tax bracket is much lower then.)Marlene Silva wishes to have an IRA that will be worth $100,000 when she retires at age 65. (Round your answers to the nearest cent.) (a) How much must she deposit at age 34 at 8 3/8% compounded daily? $ (b) If, at age 65, she arranges for the monthly interest to be sent to her, how much will she receive each thirty-day month?
- What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: Josh is age 20 and single. Josh's only income item is $13,200 interest from a trust fund. Josh is age 40 and single. Josh's only income item is a $31,900 share of ordinary income from a partnership. Josh is age 60 and single. Josh's only income item is $24,200 wages. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,720 loss, and the spouse's salary is $43,000.[The following information applies to the questions displayed below.] Yuki (age 45 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and her IRA is now worth $50,000. She is trying to decide whether she should convert her traditional IRA into a Roth IRA. Her current marginal tax rate is 24 percent. She plans to withdraw the entire balance of the account in 20 years, and she expects to earn a before-tax rate of return of 5 percent on her retirement accounts and a 4 percent after-tax rate of return on all investments outside of her retirement accounts. For each of the following alternative scenarios, indicate how much more or less Yuki will accumulate after taxes in 20 years if she converts her traditional IRA into a Roth IRA. Be sure to include the opportunity cost of having to pay taxes on the conversion. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. When she withdraws the…Melody (48) is single, with a modified adjusted gross income of $72,000 (all from wages). She is covered by an employer-sponsored retirement plan. She contributed $6,000 to her traditional IRA during the year. How much may she deduct? $0 $2,400 $3,600 $6,000
- Should a 31-year-old self employed single woman establish a traditional deductible IRA, a traditional nondeductible IRA, or a Roth IRA? She has two children, ages 10 and 8.Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael directly contribute to a Roth IRA in 2023 in each of the following alternative situations? Note: Leave no answers blank. Enter zero if applicable. a. Michael's AGI before the IRA contribution deduction is $62,000. Michael contributed $4,600 to a traditional IRA.Jacquiline is unmarried and age 32. Even though she participates in an employer-sponsored retirement plan, Jacquiline contributed $3,000 to a traditional IRA during the year. Jacquiline files as a head of household, her AGI before the contribution is $43,000, and her marginal tax rate is 12 percent. (Use Exhibit 13-8)What is the after-tax cost of her $3,000 traditional IRA contribution?