Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2020, their AGI is $201,000. Jackson and Ashley each earned half of the income. (Leave no answer blank. Enter zero if applicable.) a. How much can Ashley contribute to her Roth IRA if they file a joint return?
b. How much can Ashley contribute if she files a separate return?
c. Assume that Ashley earned all of the couple’s income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson’s Roth IRA? The couple are filing return jointly.

a. The amount that should be contributed in the case of joint return is $3,000

b. The amount that should be contributed in the case of a separate return is $0

c. The amount that should be contributed to Roth IRA is $3,000

The calculations are as follows:

a.

The maximum contribution limit within age 50 is $6,000

Less: Phaseout  (($201,000 - $196,000) ÷ $10,000 × $6,000) -$3,000

Contribution to Roth IRA $3,000

b.

In the case when there is a separate return so the amount should be zero.

c.

The maximum contribution limit within age 50 is $6,000

Less: Phaseout  (($201,000 - $196,000) ÷ $10,000 × $6,000) -$3,000

Contribution to Roth IRA $3,000

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