Questions -
Q1. Evan is considering a Roth IRA as his primary retirement plan. Which of the following is a condition under which a taxpayer may set up and make contributions to a Roth IRA?
a) The taxpayer had earned taxable income during the year and has not reached 70½ by the end of the year.
b) His only source of earnings was from a pension and he was under the age of 70½ by the end of the year.
c) The taxpayer had earned taxable income during the year and has not reached 59½ by the end of the year.
d) The taxpayer had earned taxable income during the year and his income was below a specified limit.
Q2. The Jenkins, a married couple who file as Married Filing Jointly, have set up a Roth IRA. If limits apply, then what is the limit of their modified AGI in order for the Jenkins to be able to contribute to a Roth IRA?
a) Limits do not apply
b) Less than $194,000
c) Less than $132,000
d) Less than $117,00