Question: Interview Notes Herb and Alice are married and file a joint return. Herb is 74 years old. Alice turned 70 on February 3, 2020. Neither

Interview Notes
  • Herb and Alice are married and file a joint return. Herb is 74 years old. Alice turned 70 on February 3, 2020. Neither are blind.
  • Herb is a retired school teacher, but continues to work part-time as a substitute teacher. Alice is retired.
  • Herb earned $15,000 in wages. They also receive pension and Social Security income and sold some stock. Their combined AGI is $45,000.
  • Both Herb and Alice are U.S. citizens and have valid Social Security numbers.
1. What is the maximum contribution Herb and Alice can make to their traditional IRAs?
A. $0 because Herb and Alice are both over 70 1/2
B. $6,000 for Herb and $6,000 for Alice
C. $7,000 for Herb and $7,000 for Alice

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