Ross is single and maintains an IRA. During a trip to Las Vegas in 2017, he wins
Question:
Ross is single and maintains an IRA. During a trip to Las Vegas in 2017, he wins $14,000 at the roulette wheel. He decides to put half his earnings in his IRA account and spend the other half on a trip to Europe. At the end of 2017, the total assets in his IRA account are $29,000. Because he is covered by his employer’s pension plan, Ross did not deduct any portion of his $7,500 IRA contribution. His salary for the year is $70,000. Write a letter to Ross advising him on the tax consequences of his actions.
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Excess contributions to an IRA are subject to a 6 percent penalty on the amount in excess ...View the full answer
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Related Book For 
Concepts In Federal Taxation 2018
ISBN: 9781337386074
25th Edition
Authors: Kevin E. Murphy, Mark Higgins
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