Author Question: Frank is a self-employed CPA whose 2016 net earnings from his trade or business (before the H.R. 10 ... (Read 52 times)

Haya94 · **on:** Sep 13, 2020

Question 1

Feng, a single 40 year old lawyer, is covered by a qualified retirement at work. His salary is $110,000, and his total AGI is $126,000. The maximum contribution he can make to a Roth IRA in 2016 is
◦ 0.
◦ $3,300.
◦ $2,200.
◦ $5,500.

Question 2

Frank is a self-employed CPA whose 2016 net earnings from his trade or business (before the H.R. 10 plan contribution but after the deduction for one-half of self-employment taxes) is $240,000. What is the maximum contribution that Frank can make on his behalf to his H.R. 10 (Keogh) plan in 2016?
◦ $66,250
◦ $48,000
◦ $53,000
◦ $60,000

cswans24 · **Reply #1 on:** Sep 13, 2020

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