Molly age 29 is unmarried and is an active participant in, Ask an Expert

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Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA plan. Her modified AGI is $61,000 in 2010.

a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.

b. Assume instead that molly is participant in a SIMPLE IRA and that her compensation for the year is $61,000. Molly elects to contribute 4% of her compensation to the account. While her employer contributes 3%. What amount will be contributed for 2010? What amount will be vested?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436778

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