• Herb and Alice are married and me a joint return. Herb is 74 years old. Alice tumed 70 on February 3, 2020. Neither are blind. • Herb is a retired school teacher, but continues to work part-time as a substitute teacher. Alice is retired.
• Herb earned $15,000 in wages. They also receive pension and Social Security Income and sold some stock. Their combined AGI is $45.000
• Both Herb and Alice are U. S. citizens and have valid Social Security numbers.
What is the maximum contribution Herb and Alle can make to their traditional IRAS?
A. $0 because Herb and Alice are both over 70 1/2
B. $6,000 for Herb and $6,000 for Alice
C. $7,000 for Herb, because he is over 50, and $0 for Alice because she had no eamings
D. $7,000 for Herb and $7,000 for Alice

The maximum contribution Herb and Alice can make to their traditional IRAs are:

C. $7,000 for Herb, because he is over 50, and $0 for Alice because she had no earnings.

Explanation:

Formerly instead of contributing to the traditional IRAs, Herb can contribute $7,000 maximum to the Roth IRA and Alice $0 since they are above 70 1/2 and Alice does not earn any income.  However, under the terms of the SECURE Act of 2019, all retirees, like Herb and Alice, can now contribute to traditional IRAs if they earn income.  As retirees, Herb and Alice can continue to contribute earned funds to their Roth IRA indefinitely.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; niosh, the national institute for occupational safety and health;