Ask Question
2 June, 05:59

Linda Perkins (56) shared a home all year with her son, Kevin (38), and Kevin's son, Jared (20). Linda and Kevin worked full time, and Jared was a part-time student. No one else lived in the home. Linda has earned income and an AGI of $29,694, and Kevin has earned income and an AGI of $23,157. Beth Wilson (17) is a dependent of her parents. She earned $1,475 wages from babysitting and $180 interest from her savings account. How much is the maximum she may contribute to a traditional or Roth IRA for 2018?

a. $0

b. $1,475

c. $1,655

d. $4,000

+1
Answers (1)
  1. 2 June, 06:27
    0
    correct option is b. $1,475

    Explanation:

    given data

    Linda AGI = $29,694

    Kevin AGI = $23,157

    babysitting = $1,475

    interest = $180

    solution

    as we know in 2018 year maximum contribution to IRA is the amount of wages earned by babysitting

    and here we have given earned by babysitting is = $1475

    so Highest contribution amount to IRA = $1,475

    so correct option is b. $1,475
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Linda Perkins (56) shared a home all year with her son, Kevin (38), and Kevin's son, Jared (20). Linda and Kevin worked full time, and ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers