Homework SourseBetsy 32 and Jared 36 are married and file a joint return Be
Betsy (32) and Jared (36) are married and file a joint return. Betsy earned $102,000 during the year, and is covered by a retirement plan at work. Jared earned $95,000, and is not covered by a plan at work. Assuming they had no other income or adjustments, what is the maximum amount Jared may contribute to a Roth IRA for 2017?
A.) 0
B.) 1100
C.) 5500
D.) 6500
| Betsy (32) and Jared (36) are married and file a joint return. Betsy earned $102,000 during the year, and is covered by a retirement plan at work. Jared earned $95,000, and is not covered by a plan at work. Assuming they had no other income or adjustments, what is the maximum amount Jared may contribute to a Roth IRA for 2017? A.) 0 B.) 1100 C.) 5500 D.) 6500 |
Solution
Option A is correct.
You can contribute to a Roth IRA if you make less than $196,000 jointly for married couples filing jointly. In the given case $ 197,000 (102000+95000) both are earnings which exceeds $ 196,000. Due to this, they can\'t make contribution to Roth IRA.
