Steve is age 50 and unemployed. He is married to an active participant in her em

Question

Steve is age 50 and unemployed. He is married to an active participant in her employer’s 401(k) plan. What is the maximum tax-deductible spousal IRA contribution that can be made for him in 2015 if the couple’s AGI is $180,000 and they file a joint tax return?

a. $0

b. $1,000

c. $5,500

d. $6,500

Megan has self-only health insurance coverage with a $2,500 deductible under her Archer MSA that she maintained throughout 2015. What is the maximum tax-deductible contribution she can make to the MSA in 2015?

a. $1,625

b. $1,875

c. $3,350

d. $4,350

Al owned a family high deductible health policy as part of his MSA for the entire year. What is his maximum permitted contribution to the MSA in 2015 if his deductible is $5,000?

a. $3,350

b. $3,750

c. $5,000

d. $6,650

Jack is age 45 and owns a self-only high deductible health policy with a $5,000 deductible under his HSA. What is his maximum permitted HSA contribution in 2015?

a. $3,250

b. $3,350

c. $3,750

d. $6,650

Explanation / Answer

Answer 1: (a) i.e 0

Note Since Steve's spouse is active participant in retirement benefits plan and total AGI in joint return exceed 118000 for 2015 so no amount can be claimed as IRA

Answer 2 : (a) i.e.1625

Note since Megan had only self only health insurance so she will be allowed 65% of dedcutible i.e. 65% of 2500 = 1625.

Answer 3 : (b) i..e 3750

Note: Since AI had family HDHP as part of MSA so deductible amount is 75% of 5000 = 3750.

Answer 4: (b) i.e. 3350

Since Jack is having self only high deductble health policy of $5000 so his maximum limit for 2015 dedcution is $3350.

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