Spencer Strank reports the following items of income for the current year on a joint return:

He is a participant in his employer's qualified defined contribution retirement plan and has a nonworking spouse.

a. How much, if anything, may Spencer deduct if he contributes the maximum amount on behofa himlselff a nd his wife to a traditional IRA?

b. Same as (a), but AGI is $119,000.
What are the maximum contribution and deduction amounts available to Spencer if he maintains a Solo 401 (k) plan?

d. What are the maximum contribution and deduction amounts available to Spencer if he maintains a SEP IRA?

e. What are the maximum contribution and deduction amounts available to Spencer if he maintains a SIMPLE 401(k)?

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Employee salary Interest income Net income from consulting Self-employment tax paid $24,000 2,000 20,000 2,800