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Scott and Allison are married and file a joint tax return. Scott
is a graduate student who works par 1 answer below » Scott and Allison are married and file a joint tax return. Scott
is a graduate student who works part-time and earned $15,000 in
2012. He is not eligible to participate in his employerA????1s
retirement plan because he is a part- time worker. Allison is a
high school teacher who earned $50,000 in 2012 and is an active
participant in the school districtA????1s retirement plan. Assume you
are a financial planner and the couple asks for your advice. Based
on the preceding facts, answer each of the following questions. A. Is Scott eligible to establish and deduct contributions to a
traditional View complete question » Scott and Allison are married and file a joint tax return. Scott
is a graduate student who works part-time and earned $15,000 in
2012. He is not eligible to participate in his employerA????1s
retirement plan because he is a part- time worker. Allison is a
high school teacher who earned $50,000 in 2012 and is an active
participant in the school districtA????1s retirement plan. Assume you
are a financial planner and the couple asks for your advice. Based
on the preceding facts, answer each of the following questions. A. Is Scott eligible to establish and deduct contributions to a
traditional IRA? Explain your answer. B. Is Allison eligible to establish and deduct contributions to
a traditional IRA? Explain your answer. C. Assume that Scott graduates and the coupleA????1s modified
adjusted gross income is $130,000 in 2012. Both Scott and Allison
participate in their employersA????1 retirement plans. Can either Scott
or Allison, or both, establish a Roth IRA? Explain your answer. D. Allison has a baby and withdraws from the labor force to
raise the child. She is no longer an active participant in the
school districtA????1s retirement plan. Scott receives a promotion and
continues to participate in his employerA????1s retirement plan. His
annual salary is $110,000 in 2012. Can Allison make a
tax-deductible contribution to a traditional IRA? Explain your
answer. E. Explain to Scott and Allison the advantages of a Roth IRA
over a traditional IRA. View less » Aug 05 2015 09:31 AM
