Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account is now worth $112,000. Assume that Jimmy meets the income limitation at the time of the contributions. How much of these funds may Jimmy withdraw tax-free? 2$4

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A: Given, Retirement Benefits = $3,000 per month

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A: Given: Contribution = $3,000 Marginal tax rate = 12%

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A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: How much money will there be in the account?

A: solution A= R(1+i)n+1/i R= Contribution half year=$425 n= number of periods=48 years - 33 years =15…

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A: Traditional IRA contributions may be tax deductible. The Deduction may be limited if you or your…

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A: Calculation of CPT-

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A: Total Monthly Savings = 30*2 = 60 Annual Investment in retirement fund Annual Saving = Monthly…

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A: Given that: Contribution to IRA = $12900 Current value of ROTH IRA = $21700 Amount withdrawn for…

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A: Hello  I am only answering first three sub-parts  as per the policy and if you want other to be…

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A: In the given problem we have two sections which are being attended below.

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A: Taxable amount: $50,000

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A: Here,

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Q: Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account…

A: Introduction: IRA: IRA stands for Individual Retirement Account. Amount is saved for retirement…

Q: d. On September 30, 2018, Ridge loaned $150,000 to his mother so that she could enter a nursing…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

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A: Formula: Tax free amount = ( Paid amount / life expected value ) x contract amount. Tax paid amount…

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A: Taxable income refers to the income on which tax is imposed by the relevant authorities. It includes…

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Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500,…

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A: Answer are as follows

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Q: Janet and James purchased their personal residence 15 years ago for $302,500. For the current year,…

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Q: .4 Pam retires after 28 years of service with her employer. She is 66 years old and has contributed…

A: Annuity is the fixed sum of money which is either paid or received for each year.

Q: During 2021, Montoya (age 15) received $2,300 from a corporate bond. He also received $900 interest…

A: Solution:- Taxable means the income on which the income tax is charged by the tax authorities.

Q: John established his first Roth IRA seven years ago and has made a total participant contribution of…

A: “Since you have a posted a question with multiple subparts, we will be solving the first three…

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Q: Vince age 63, retired and began receiving retirement benefits on January 1,2020. The benefits will…

A: The question is based on the concept of Taxation.

Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…

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Q: 13.Samir is single and 55 years of age, and has gross income of $58,000 in 2019. His expenses are as…

A: Answer:-  Adjusted gross income (AGI) meaning:- Adjusted gross income (AGI) is basically calculated…

Q: On the day his grandson was born, a man deposited to a trust company a sufficient amount of money so…

A: Annuity is the equal stream of payment at equal interval of time. Given Information Annual payments…

Q: On the day his grandson was born, a man deposited to a trust company a sufficient amount of money so…

A: Compounding is done to get the future value from present value and discounting of the future value…