This was on Individual Retirement Accounts
Egh. Didn't do too well, mainly because I didn't bother to memorize all the complicated tax limitations based on income. Also, because I didn't want to memorize outdated material.
Here's the ?s I got wrong: 2, 5, 7, 8, 9, 10, 13.
an individual making more than $55k [(c) 2006] can make contributions to their IRA, but it cannot be tax deductible.
total amounts contributed cannot exceed $5k per year, per individual, including ALL IRA, roth ira, etc. accounts. If they are over 50 extra $1k yr. missed 2 on this.
Keogh account participants can contribute up to 25% of their income or 42k whichever is smaller, but must also contribute the same % as they do to their own account to their employee. In the example, I would've needed to calculate 42k is what % of the Dr's $300k income (which was 14%). Then I could have calculated what amts he should pay his help.
couples making up to $150k can contribute 4k each, plus $500 "Catchup". (now 5k plus 1k if over 50).
corporate pension limits are $42k or 25% of employee's income. (same as Keogh, sep ira).
five more chapters and then my new book should arrive by Saturday. I want to be done with this book before that one arrives so I can get to crackin' on it.
27 days...
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