Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a
Question:
Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.
a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2016 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2016?
b. Assuming Phil's wages were $49,000 and Linda's wages were $70,000 for 2016 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2016?
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a Phil 5500 Linda 5500 b Phil 55...View the full answer
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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