Taxpayer to contribute to a roth ira

Assignment Help Programming Languages

Reference no: EM13812856

Program- The IRS allows a taxpayer to contribute to a ROTH IRA, if his/her income is not over a specified limit and his/her filing status allows contributions.

You will write a program that carries out the logic of a simplified worksheet to determine how much may be contributed to a ROTH IRA.

Sample IRS-like instructions for each line of the worksheet: This worksheet may not be used by any taxpayer who is *married filing separately, and did not* live with their spouse any time during the year.
Line 1	Determine maximum possible ROTH IRA contribution limit. If under age 50, enter $5,500 on line 1. Otherwise, enter $6,500 on line 1.
Line 2	Enter the modified Adjusted Gross Income for IRA purposes on line 2.
Line 3	Determine the Income Limit amount for full contributions, according the filing status from the list below and enter limit on line 3: Single or Head of household - $ 112,000 Married filing jointly or Qualifying Widow(er) - $ 178,000 Married filing separately and lived with spouse any time during year - $ 0
Line 4	Determine if a reduction to the contribution limit is necessary. Is the amount on line 2 less than or equal to the amount on line 3? Yes. Can contribute up to maximum contribution limit. Skip lines 4 - 8 and enter the amount from line 1 on line 9 (ignore line 9 instructions) No. Contribution limit may be reduced. Subtract line 3 from line 2 and enter the amount on line 4 and continue.
Line 5	Determine division amount to use, depending on filing status, and enter it on line 5: Single or Head of household - $ 15,000 Married filing jointly or separately, or Qualifying Widow(er) - $ 10,000
Line 6	Determine reduction percentage. Divide line 4 by line 5 and determine the floating point result rounded to 3 places. Is the result is 1.0 or more? Yes. Cannot contribute to a ROTH IRA. Skip lines 6 - 8 and enter 0 on line 9 (ignore line 9 instructions) No. Contribution limit will be reduced. Enter the calculated reduction percentage rounded to 3 places on line 6.

Line 7

Determine reduction amount.

Multiply line 6 by line 1 and enter the result on line 7

Line 8

Determine possible contribution limit.

Subtract line 7 from line 1. Round the result up to the nearest $10, and enter result on line 8

Line 9

Enter the larger value: line 8 or $200.

This line 9 amount is your ROTH IRA contribution limit.

Determine if the taxpayer should continue, or if the program should exit.

If the taxpayer's filing status is married filing separately

Ask if the taxpayer lived with his/her spouse at any time during the year.

(User input can be in either upper or lowercase.)

If the answer is no, the taxpayer may not contribute to a ROTH IRA. contribution.

Display a message saying so (see Sample 2 Output below) and pause.

Then return from main with exit code of 1, to indicate that the program returned before line 1.

return 1;

oIf the program did not exit, continue.

Read and store the taxpayer's age.

Perform a test to determine and store the amount for line 1.

Read and store Adjusted Gross Income for IRA purposes for line 2.

Determine the line 3 income limit that applies for the filing status entered, and store the result.

o HINT: Store the filing status description in words into a string variable at the same time.

Display the Worksheet title and the first 3 lines (1 - 3) of the worksheet.

Perform the line 4 test to determine if the program needs to continue.

oIf line 2 is less than or equal to line 3

Display the amount from line 1 on line 9, and pause.

Then return from main with exit code of 4, to indicate that the program exited on line 4.

return 4;

oIf the program did not exit, continue.

Perform the necessary calculation for line 4 and store the result.

Determine the line 5 division amount to use for the filing status entered, and store it.

Display lines (4 and 5) of the worksheet.

Perform the necessary calculation for line 6 and store the result.

Perform the line 6 test to determine if the program needs to continue.

If the result is 1.0 or more, taxpayer cannot contribute to a ROTH IRA:

Display a message, and pause (see Sample 4 output)

Then return from main with exit code of 4, to indicate that the program exited on line 6.

return 6;

oIf the program did not exit, continue.

ROTH IRA Contribution Limit Worksheet

Filing Status: Married, Filing Jointly

1. Possible contribution limit: 5500.00

2. Adjusted Gross Income 180330.00

3. Income Limit: 178000.00

4. Amount over Limit: 2330.00

5. Division amount: 10000.00

6. Reduction Percentage: 0.233

7. Reduction Amount: 1281.50

8. Reduced contribution limit: 4220.00

9. Maximum ROTH IRA Contribution Limit 4220.00

Perform the necessary calculation for line 7 and store the result.

Call a user-defined function to find the amount for line 8 and store the value returned.

The user-defined function will have two input arguments:

theline 1 amount and the line 7 amount

The function will subtract line 7 from line 1.

The function will round the result to the nearest $10.

Reference no: EM13812856

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