Joyce and Barry Bright are both employed and 56 years of age. In 2019 Barry earned...

   

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Joyce and Barry Bright are both employed and 56 years of age. In 2019 Barry earned wages of $2,500; Joyce earned wages of $86,530. Joyce is an active participant in her employer-maintained pension plan. The Brights plan to file a joint tax return. Their modified AGI is $109,782. What is the latest date by which an IRA contribution must be made in order for it to be claimed on the Brights' 2019 return? a. b. What is the maximum amount Joyce and Barry can each contribute to an IRA and be able to deduct for this year? c. Are the earnings from the IRA subject to federal income taxes in 2019? Explain. Joyce and Barry Bright are both employed and 56 years of age. In 2019 Barry earned wages of $2,500; Joyce earned wages of $86,530. Joyce is an active participant in her employer-maintained pension plan. The Brights plan to file a joint tax return. Their modified AGI is $109,782. What is the latest date by which an IRA contribution must be made in order for it to be claimed on the Brights' 2019 return? a. b. What is the maximum amount Joyce and Barry can each contribute to an IRA and be able to deduct for this year? c. Are the earnings from the IRA subject to federal income taxes in 2019? Explain.

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a Your contribution must be deposited by your tax fil... View the full answer