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-Jack (age 52) and Jill (age 49) are a married couple. Jack is covered under...

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Accounting

-Jack (age 52) and Jill (age 49) are a married couple. Jack is covered under a qualified retirement plan at his job and earned $180,000 in 2018. Jill is employed as a lab technician and earned $42,000 but is not covered under a qualified retirement plan. They file a joint return; have interest and dividend income of $25,000. What is their maximum for AGI deduction for contributions to a traditional IRA?

A) $0

B) $5,500

C) $6,500

D) $12,000

-Reyansh is a 54-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $72,000 in 2018. What is the maximum amount he may contribute to a tax deductible IRA?

A) $4,500

B) $5,000

C) $5,500

D) $6,500

-Prisha, a single 40-year-old physician, is covered by a qualified retirement plan at work. Her salary is $115,000, and her total AGI is $129,000. The maximum contribution she can make to a Roth IRA in 2018 is

A) 0.

B) $2,200.

C) $3,300.

D) $5,500.

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