What Is the Maximum Amount a 55-Year-Old Taxpayer and a 48-Year-Old

question 40

Essay

What is the maximum amount a 55-year-old taxpayer and a 48-year-old spouse can put into a Traditional or Roth IRA for 2014, assuming they earn $85,000 in total and are not participants in pension plans?

---

Definitions:

Indirect Control

The control over an entity achieved through another entity, such as controlling a subsidiary by owning a majority of shares in its parent company.

Equity Method

An accounting technique used by companies to record investments in other companies, where the investment is initially recorded at cost and adjusted for the investor's share of the investee's profit or loss.

Non-Controlling Interest

The portion of equity in a subsidiary not owned by the parent company, reflecting minority shareholders' stake in the entity's net assets.

Equity Method

An accounting technique used to record investments in other companies, where the investment's value is adjusted based on the investor's share of the investee's profit or loss.