Mr. and Mrs. White are married and file a joint tax return. Mr. White is 55...

 

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Mr. and Mrs. White are married and file a joint tax return. Mr. White is 55 years old; Mrs. White is 48 years old. Both Mr. and Mrs. White actively participate in an employer-sponsored retirement plan. During 2020 Mr. White had earned income of $56,000; Mrs. White had earned income of $50,000. During 2020 their adjusted gross income was $108,000. Both Mr. and Mrs. White want to make the maximum deductible contribution to their IRAS. Both Mr. and Mrs. White want to make the maximum contribution to their Roth IRAS. Required: 1. Determine Mr. White's maximum deductible contribution to his IRA and the maximum contribution to his Roth IRA. Determine Mrs. White's maximum deductible contribution to her IRA and the maximum contribution to her Roth IRA. 2. Mr. and Mrs. White are married and file a joint tax return. Mr. White is 55 years old; Mrs. White is 48 years old. Both Mr. and Mrs. White actively participate in an employer-sponsored retirement plan. During 2020 Mr. White had earned income of $56,000; Mrs. White had earned income of $50,000. During 2020 their adjusted gross income was $108,000. Both Mr. and Mrs. White want to make the maximum deductible contribution to their IRAS. Both Mr. and Mrs. White want to make the maximum contribution to their Roth IRAS. Required: 1. Determine Mr. White's maximum deductible contribution to his IRA and the maximum contribution to his Roth IRA. Determine Mrs. White's maximum deductible contribution to her IRA and the maximum contribution to her Roth IRA. 2.

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1 Mr Whites maximum deductible contribution to his IRA is 5000 because he is under age 70 12 T... View the full answer