Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2016. He also received

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Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2016. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct for contributions to his and his wife’s individual retirement accounts for the 2016 tax year?

a. $11,000
b. $3,600
c. $4,500
d. $5,500
e. None of the above

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Related Book For  answer-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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