Roger and Camilla are both married and file their taxes together. Roger is 31 and Camilla 27.

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Roger and Camilla are both married and file their taxes together. Roger is 31 and Camilla 27. Their combined income is $113,500.

After analyzing their finances, they concluded that they need to save more for retirement even though they are both part of employer -sponsored retirement plans.

1. What is the maximum deductible contribution they can make to a Traditional IRA?

2. What is the maximum contribution they can make to a Roth IRA?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Apr 10, 2023 02:47 AM

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Roger and Camilla are both married and file their taxes together. Roger is 31 and Camilla 27.

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To determine the maximum deductible contribution they can make to a Traditional IRA and the maximum contribution they can make to a Roth IRA we need t... View the full answer

Income Tax Fundamentals 2013

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