Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages
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Question:
1. What is the maximum amount that Wilson and Joan may each deduct for contributions to their traditional individual retirement accounts?
2. If Joan's wages are $88,000 for 2020, instead of $23,000, and their adjusted gross income is $103,000, what is the maximum amount that Wilson and Joan may each deduct for contributions to their traditional individual retirement accounts?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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