Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both...

 

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Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer-qualified retirement plans. Their total AGI in 2023 is $231,000, and they earn salaries of $109,000 and $95,000, respectively. Click here to access Exhibit 11.2. Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations. a. The amount each can contribute to a regular IRA. Amount $ b. The amount each can deduct for traditional IRA contributions. $ 0 C. The amount each can contribute to a Roth IRA. $ d. The amount each can deduct for Roth IRA contributions. $ 10 Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer-qualified retirement plans. Their total AGI in 2023 is $231,000, and they earn salaries of $109,000 and $95,000, respectively. Click here to access Exhibit 11.2. Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations. a. The amount each can contribute to a regular IRA. Amount $ b. The amount each can deduct for traditional IRA contributions. $ 0 C. The amount each can contribute to a Roth IRA. $ d. The amount each can deduct for Roth IRA contributions. $ 10

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To determine the amounts each can contribute to a regular IRA and Roth IRA we need to consider the IRS rules regarding contribution limits based on th... View the full answer