Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2022. He also received
Question:
Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2022. He also received rental income of $5,000 and dividend income of $900 for the year. Assuming Lyndon’s employer does not offer a retirement plan, what is the maximum amount Lyndon can deduct for contributions to his and his wife’s individual retirement accounts for the 2022 tax year?
a. $11,000
b. $5,500
c. $6,000
d. $12,000
e. None of the above
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Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
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