The AGI of the Newtons, a married couple, is $201,000 this year. They would like to contribute

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The AGI of the Newtons, a married couple, is $201,000 this year. They would like to contribute to a Roth IRA.

a. What is the maximum amount this couple can contribute to a Roth IRA? Show your calculations using Microsoft Excel.

b. Now suppose that the Newtons will report AGI of less than $201,000 and put $12,000 each year into their Roth IRA for 20 years, earning an annual return of 5%. What future value will accumulate in their Roth at the end of this period?

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South-Western Federal Taxation 2022 Individual Income Taxes

ISBN: 9780357519073

45th Edition

Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman

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Question Posted: Jul 26, 2022 01:02 AM

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The AGI of the Newtons, a married couple, is $201,000 this year. They would like to contribute

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South-Western Federal Taxation 2022 Individual Income Taxes

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