Question: Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2014, their AGI is
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2014, their AGI is $185,000. Jackson and Ashley each earned half of the income.
a. How much can Ashley contribute to her Roth IRA if they file a joint return?
b. How much can Ashley contribute if she files a separate return?
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?
a. How much can Ashley contribute to her Roth IRA if they file a joint return?
b. How much can Ashley contribute if she files a separate return?
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?
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a Individuals are allowed to contribute to a Roth IRA as long as their AGI falls below certain thres... View full answer
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