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The IRS allows a taxpayer to contribute to a ROTH

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Question

;;Program;The IRS allows a taxpayer to contribute to a ROTH IRA, if his/her income is not over a specified limit and his/her filing status allows contributions.;You will write a program that carries out the logic of a simplified worksheet to determine how much may be contributed to a ROTH IRA.;Sample IRS-like instructions for each line of the worksheet: This worksheet may not be used by any taxpayer who is married filing separately, and did not live with their spouse any time during the year.;Line 1;Determine maximum possible ROTH IRA contribution limit.;If under age 50, enter $5,500 on line 1. Otherwise, enter $6,500 on line 1.;Line 2;Enter the modified Adjusted Gross Income for IRA purposes on line 2.;Line 3;Determine the Income Limit amount for full contributions, according the filing status from the list below and enter limit on line 3;Single or Head of household - $ 112,000;Married filing jointly or Qualifying Widow(er) - $ 178,000;Married filing separately and lived with spouse any time during year ? $ 0;Line 4;Determine if a reduction to the contribution limit is necessary.;Is the amount on line 2 less than or equal to the amount on line 3?;Yes. Can contribute up to maximum contribution limit. Skip lines 4 ? 8 and enter the amount from line 1 on line 9 (ignore line 9 instructions) No. Contribution limit may be reduced. Subtract line 3 from line 2 and enter the amount on line 4 and continue.;Line 5;Determine division amount to use, depending on filing status, and enter it on line 5;Single or Head of household - $ 15,000;Married filing jointly or separately, or Qualifying Widow(er) ? $ 10,000;Line 6;Determine reduction percentage.;Divide line 4 by line 5 and determine the floating point result rounded to 3 places. Is the result is 1.0 or more?;Yes. Cannot contribute to a ROTH IRA.;Skip lines 6 ? 8 and enter 0 on line 9 (ignore line 9 instructions);No. Contribution limit will be reduced.;Enter the calculated reduction percentage rounded to 3 places on line 6.;Line 7;Determine reduction amount.;Multiply line 6 by line 1 and enter the result on line 7;Line 8;Determine possible contribution limit.;Subtract line 7 from line 1. Round the result up to the nearest $10, and enter result on line 8;Line 9;Enter the larger value: line 8 or $200.;This line 9 amount is your ROTH IRA contribution limit.;? Determine if the taxpayer should continue, or if the program should exit.;o If the taxpayer?s filing status is married filing separately;o Ask if the taxpayer lived with his/her spouse at any time during the year.;(User input can be in either upper or lowercase.);? If the answer is no, the taxpayer may not contribute to a ROTH IRA. contribution.;? Display a message saying so (see Sample 2 Output below) and pause.;? Then return from main with exit code of 1, to indicate that the program returned before line 1.;? return 1;o If the program did not exit, continue.;? Read and store the taxpayer?s age.;? Perform a test to determine and store the amount for line 1.;? Read and store Adjusted Gross Income for IRA purposes for line 2.;? Determine the line 3 income limit that applies for the filing status entered, and store the result.;o HINT: Store the filing status description in words into a string variable at the same time.;? Display the Worksheet title and the first 3 lines (1 ? 3) of the worksheet.;? Perform the line 4 test to determine if the program needs to continue.;o If line 2 is less than or equal to line 3;? Display the amount from line 1 on line 9, and pause.;? Then return from main with exit code of 4, to indicate that the program exited on line 4.;? return 4;o If the program did not exit, continue.;? Perform the necessary calculation for line 4 and store the result.;? Determine the line 5 division amount to use for the filing status entered, and store it.;? Display lines (4 and 5) of the worksheet.;? Perform the necessary calculation for line 6 and store the result.;Perform the line 6 test to determine if the program needs to continue.;If the result is 1.0 or more, taxpayer cannot contribute to a ROTH IRA;? Display a message, and pause (see Sample 4 output);? Then return from main with exit code of 4, to indicate that the program exited on line 6.;? return 6;o If the program did not exit, continue.;ROTH IRA Contribution Limit Worksheet;Filing Status: Married, Filing Jointly;1. Possible contribution limit: 5500.00;2. Adjusted Gross Income 180330.00;3. Income Limit: 178000.00;4. Amount over Limit: 2330.00;5. Division amount: 10000.00;6. Reduction Percentage: 0.233;7. Reduction Amount: 1281.50;8. Reduced contribution limit: 4220.00;9. Maximum ROTH IRA Contribution Limit 4220.00;? Perform the necessary calculation for line 7 and store the result.;? Call a user-defined function to find the amount for line 8 and store the value returned.;? The user-defined function will have two input arguments;the line 1 amount and the line 7 amount;? The function will subtract line 7 from line 1.;? The function will round the result to the nearest $10.;Hint: Divide by 10, apply the pre-defined ceil function to the resulting value, and then multiply that by 10.;? The function will return the result.;? Examples;o Input arguments of line 7 = 475 and line 1 = 5500;would return 5030;o Input arguments of line 7 = 500 and line 1 = 6500;would return 6000;? No other computations should be performed within this function.;? Perform the line 9 test to determine the final contribution limit and store the result.;? Display lines 6 through 9 of the worksheet, making sure that line 6 is displayed to 3 decimal places (see Sample 1 Output below).;Sample 1 Output (no early exit ? uses sample inputs 1 from program description);ROTH IRA Contribution Limit Worksheet;Filing Status: Single;1. Possible contribution limit: 6500.00;2. Adjusted Gross Income 66000.00;3. Income Limit: 112000.00;9. Maximum ROTH IRA Contribution Limit 6500.00;ROTH IRA Contribution Limit Worksheet Program;1 - Single;2 - Married, Filing Jointly;3 - Head of Household;4 - Qualifying Widow(er);5 - Married, Filing Separately;Enter your filing status from above (1-5): 1;Enter your age: 65;Enter Adjusted Gross Income for IRA purposes: 66000;Contributions to a ROTH IRA are not allowed for taxpayers who;-File as Married Filing Separately;-Did not live with their spouse for any part of the year.;Therefore, you cannot contribute to a ROTH IRA!;ROTH IRA Contribution Limit Worksheet Program;1 - Single;2 - Married, Filing Jointly;3 - Head of Household;4 - Qualifying Widow(er);5 - Married, Filing Separately;Enter your filing status from above (1-5): 5;Did you live with your spouse for any part of the year (Y/N)? n;ROTH IRA Contribution Limit Worksheet;Filing Status: Head of Household;1. Possible contribution limit: 5500.00;2. Adjusted Gross Income: 128000.00;3. Income Limit: 112000.00;4. Amount over Limit: 16000.00;5. Division amount: 15000.00;Income too high ? You cannot contribute to a ROTH IRA!;ROTH IRA Contribution Limit Worksheet Program;1 - Single;2 - Married, Filing Jointly;3 - Head of Household;4 - Qualifying Widow(er);5 - Married, Filing Separately;Enter your filing status from above (1-5): 3;Enter your age: 35;Enter Adjusted Gross Income for IRA purposes: 128000;? Make sure there are a couple of blank lines AFTER all input has been entered and BEFORE the worksheet is displayed.;? The filing status should be displayed in words (i.e. not a number), lined up on the right with the figures below it.;? A married filing separately filing status may cause the program to exit without displaying any of the worksheet (see sample 2 above).;? The decision on line 4 may cause skipping the display of lines 4 - 8 (see sample 3 above).;? The decision on line 6 may cause an exit after line 5 (see sample 4 above).;? If neither of the above happens, all lines of the worksheet will be displayed (see sample 1 above).

 

Paper#68063 | Written in 18-Jul-2015

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