Bob and Nancy are married and file a joint return in 2020. They are both under age
Question:
Bob and Nancy are married and file a joint return in 2020. They are both under age 50 and employed, with wages of $50,000 each. Their total AGI is $112,000. Neither of them is an active participant in a qualified plan. What is the maximum traditional IRA deduction they can take for the current year?
a. $0
b. $6,000
c. $9,600
d. $12,000
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d 12000 To calculate the maximum allowable traditional IRA deduction you must first id...View the full answer
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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