Steve (age 55) and May (age 48) are married and will file a joint return. Steve is an elementary school teacher , and May is unemployed. During the year, Steve contributed $7,000 to his traditional IRA and May contributed $6,000 to her traditional IRA, Steve had wages of $10,500for the year. Steve also received $8,500 in unemployment compensation during the year. They received $1,580 in interest income and $3,560 in dividend income. What would the couple's IRA deduction be for the tax year?

Answer rating: 100% (QA)

Answer The couple may deduct 13000 EXPLANATION According to the IRS the amount ... View the full answer