Problem 9-54 (LO. 8) Carri and Dane, ages 34 and 32, respectively, have been mar

Question

Problem 9-54 (LO. 8)

Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2015 is $186,000, and they earn salaries of $87,000 and $95,000, respectively.

Click here to access Exhibit 9.2.

Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations.

$ 0

Just need part C

Amount a. The amount each can contribute to a regular IRA $ 5500 b. The amount each can deduct for regular IRA contributions $ 0 c. The amount each can contribute to a Roth IRA $ d. The amount each can deduct for Roth IRA contributions

$ 0

Explanation / Answer

The limit of maximum contribution for an individual under age of 50 years under Roth IRA is $5,500 only. Thus, an individual can contribute to a Roth IRA $5,500 only, but this is the max contribution across all IRAs.

Therefore, there will be no contribution in Roth IRA.

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