Question: Could you please help me with the following word problem? Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an

Could you please help me with the following word problem?

Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $95,000 in 2017, and they are filing a joint income tax return. Both have employer-provided retirement plans at work. What is the maximum IRA contribution they can make? How much of that contribution is tax-deductible?

Please explain what equation is used to find the answers.

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