Question: Ed and Cathy, both under age 50, file a joint return. Neither is covered under an employer pension plan. Cathy earned compensation of $55,750 in

Ed and Cathy, both under age 50, file a joint return.

Ed and Cathy, both under age 50, file a joint return. Neither is covered under an employer pension plan. Cathy earned compensation of $55,750 in 2020. Ed worked part time and earned $1,365. What is the maximum deductible IRA contribution they can make for 2020? Multiple Choice $7,365 $12,000 $0 $6,000

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