Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth
Question:
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $209,000. 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?
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Step by Step Answer:
a Ashley can contribute up to 5500 the 5500 limit in 2019 to her Roth IRA ...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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