Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages

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Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages are $18,000 and Joan's wages are $90,000 for the year. Their total adjusted gross income is $108,000, and Joan is covered by a qualified pension plan at work but Wilson is not. What is the maximum amount that Wilson can deduct for contributions to his traditional individual retirement account in 2020? What is the maximum amount that Joan can deduct for contributions to her traditional individual retirement account in 2020?

Posted Date: Dec 15, 2021 05:51 AM

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Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages

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