We appreciate your visit to Rob and Julie both in their 30s file a joint income tax return for 2021 Rob s wages are 25 000 and Julie s wages. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The maximum amount that Rob may deduct up to $6,000 for contributions to his Roth IRA for the tax year 2021.
The maximum amount that Rob may deduct for contributions to his Roth Individual Retirement Account (IRA), we need to consider the eligibility and contribution limits for Roth IRAs.
In 2021, the contribution limit for Roth IRAs is based on the individual's income and filing status. For individuals filing jointly, the contribution limit begins to phase out once their modified adjusted gross income (MAGI) exceeds a certain threshold.
For the tax year 2021, the contribution limit phase-out for Roth IRAs begins at a MAGI of $198,000 for couples filing jointly. The contribution limit is reduced gradually until it reaches zero at a MAGI of $208,000 or higher.
Given that Rob and Julie's total adjusted gross income (AGI) is $135,000 and Rob's wages are $25,000, we can assume that their MAGI is equal to their AGI since no other deductions or adjustments are mentioned.
Since their MAGI of $135,000 is well below the phase-out threshold of $198,000, Rob is eligible to contribute the full amount to his Roth IRA.
For the tax year 2021, the maximum contribution limit for individuals under the age of 50 is $6,000. However, individuals who are 50 years or older can make an additional catch-up contribution of $1,000, making their total contribution limit $7,000.
Therefore, Rob may deduct up to $6,000 for contributions to his Roth IRA for the tax year 2021.
To know more about deduct please click here :
https://brainly.com/question/28480289
#SPJ4
Thanks for taking the time to read Rob and Julie both in their 30s file a joint income tax return for 2021 Rob s wages are 25 000 and Julie s wages. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
