What is the maximum contribution she can make

Assignment Help Accounting Basics

Reference no: EM133972304

Problem

Jan, a widow and age 72, is a participant of the Ace Web Enterprise (AWE) 401(k) plan. For the current year she deferred $6,000, or 10 percent of her salary to the plan. She did not receive a profit-sharing contribution, a forfeiture, an employer match, or any other employer contribution. Jan would like to make a contribution to her Roth IRA. Get the instant assignment help. If Jan's AGI is $75,000 (all comprised of W-2 earnings, Social Security and portfolio income), what is the maximum contribution she can make for 2018?

Reference no: EM133972304

Questions Cloud

State the type of misstatement that could occur : List the risks of error or fraud that are present at Ctrl Alt Assemble Manufacturing. For each risk, state the type of misstatement that could occur.

What can john deduct on this years tax return : John runs a bath/shower replacement business as a cash basis sole proprietor. Based on these expenditures, what can John deduct on this year's tax return?

Calculate the cost of goods available for sale : Calculate the cost of goods available for sale, the number of units available for sale, and the units remaining in ending inventory.

What is your net new financing needed for next year : Your non-debt liabilities such as accounts payable are forecasted to increase by $10,000. What is your net new financing needed for next year?

What is the maximum contribution she can make : If Jan's AGI is $75,000 (all comprised of W-2 earnings, Social Security and portfolio income), what is the maximum contribution she can make for 2018?

What is the maximum ira contribution dave can make : If Dave's AGI is $79,000 (all comprised of W-2 earnings and portfolio income), what is the maximum IRA contribution Dave can make for 2018?

What should the trend initially suggest about possible fraud : When evaluating risk of fraudulent financial reporting or asset misappropriation, what should this trend initially suggest about possible fraud in sales revenue

In what sequence do theses inventories generally appear : In a manufacturer's balance sheet, three inventories may be reported. In what sequence do theses inventories generally appear on a balance sheet?

What is laa incorporateds charitable contribution deduction : Which included a $138,000 charitable contribution deduction? What is LAA Incorporated's charitable contribution deduction for 2025?

User Account

All Pages