Suppose an individual is 55 years old. How much of an additional catch-up IRA contribution can the person make?
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Suppose an individual is 55 years old. How much of an additional catch-up IRA contribution can the person make?
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- Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000What is the maximum amount of IRA contribution that may be made by a 60 year-old eligible taxpayer in \\( 2023 ? \\) A. \\( \\$ 2,000 \\) B. \\( \\$ 6,500 \\) C. \\( \\$ 7,500 \\) D. \\( \\$ 13,000 \\)On his 48th birthday, a man wants to set aside enough money to provide an income of $2500 at the end of each month from his 60th birthday to his 75th birthday. If he earns 6%, compounded monthly, how much will this supplemental retirement plan cost him on his 48th birthday?
- A 42-year-old single taxpayer earning a salary of $138,000 a year can make which of the following IRA contributions if he is not covered by a plan at work? a.)$6,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA b.)$6,000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA c.)$7,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA d.)$6,000 to a Roth IRA onlyWhat is the maximum amount a 55-year-old taxpayer and 52-year-old spouse can put into a Traditional or Roth IRA for 2021, assuming they earn $70,000 in total and are not participants in pension plans?Jim is single, age 38, and an active participant in his employer's qualified retirement plan. His AGI for 2023 is $77,000, and he makes the maximum contribution to his traditional IRA. Based on this information, what is the amount of the deductible contribution to Jim's Traditional IRA for this year? 1) $2,400 O2) $3,200 3) $3,900 O4) $6,000 Say
- Miles is 33 years old and single his only income consisted Of 10,500 in wages. What is the maximum amount you can contribute to a traditional IRA in 2021 is it $0, or $6000 or $7000 or $10,500At age 27, Laura deposited $1000 into an IRA, it earns 7 7/8% compounded monthly. A. What will it be worth when she retires at 65? B. How much would it be worth if she didn't set it up until she was 35?An individual is currently 30 years old, wants to work until the age of 65 and plans on dying at the age of 85. How much will the individual need to have saved by the time he or she is 65 if he or she plans on spending $40,000 per year while retired? You can assume the individual can earn an interest rate of 5.0% and the $40,000 is in addition to any Social Security that may be received
- 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.Myers, who is single, has compensation income of $72,000 in 2020. He is an active participant in his employer’s qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct?Magnus wishes to have $1,500,00 when he retires in 44 years. What are the monthly payments he must deposit into an account that earns 2.5%?
