Please answer 6 and 7.

Previous Page Next Page Page 2 of 5 Question 6 (1 point) Johnny, single and age 74, is a participant of his employer's qualified profit sharing plan. For the current year he received a profit-sharing contribution of $1,200. He would like to make a deductible or non deductible IRA contribution. If his income for the year is $49,000 (W-2 earnings) what is the maximum deductible or nondeductible IRA contribution he can make for 2018? 1) $6,500 2) $5,500 3) $o 4) $3,000 Question 7 (1 point) Jordan, deferred $1,000, into a 401(k)-plan sponsored by his employer during 2018. Jordan lives in Texas and is single. He works for an air condition company where he has helped Americans stay cool in the summer for over 10 years. His AGI for 2018 was $114,000. Can Jordan make any traditional IRA contribution for 20187 1) Yes - but it must be reduced by the $1,000 401(k) contribution. DOLL y Attempt 3) $0 4) $3,000 Question 7 (1 point) Jordan, deferred $1,000, into a 401(k)-plan sponsored by his employer during 2018. Jordan lives in Texas and is single. He works for an air condition company where he has helped Americans stay cool in the summer for over 10 years. His AGI for 2018 was $114,000. Can Jordan make any traditional IRA contribution for 2018? 1) Yes-but it must be reduced by the $1,000 401 (k) contribution. 2) No - Jordan is a participant in a qualified retirement plan with his employer. 3) Yes-Jordan can contribute the full amount to an IRA, but only on an after- tax basis 4) There is not enough information to answer the question. Question 8 (1 point) Sarah, age 45, has the following data from 2018: - W2 Earning of $5,500 - Distribution from profit sharing plan of $4,500. Income from a municipal bond of $1,000 DOLL