In 2022, Nina and Bob are married and reported the following items of income at the end
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Question:
In 2022, Nina and Bob are married and reported the following items of income at the end of the tax year:
Nina | Bob | Total | |
---|---|---|---|
Salary | $40,000 | $0 | $40,000 |
Interest Income | $ 1,000 | $200 | $ 1,200 |
Total | $41,000 | $200 | $41,200 |
Neither Nina nor Bob is covered by a qualified retirement plan.
Assuming they file married filing jointly and are both age 45, what is the maximum combined tax- deductible amount, if any, that they can contribute to their traditional IRAs?
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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