Question Content Area

Question Content Area

Jody is a physician's assistant $($not covered by a retirement plan$)$ with a salary of $$40,000$ from the hospital where she is employed. She supports her husband, Andre, who is an artist but has no earned income for the year. They have no other sources of income. Both are in their twenties. What is the maximum total amount that Jody and Andre may contribute to their traditional IRAs and deduct for the $2023$ tax year?

a$.$ $$12,000$

b$.$ $$6,500$

c$.$ $$6,000$

d$.$ $$13,000$

In $2023,$ a taxpayer who is under $50$ years of age and not an active participant in a retirement plan may deduct a contribution of up to $$6,500$ to a traditional IRA, subject to the earned income limitation$.$

True

False