In 2018, Elizabeth and Daniel (both age 40), a married couple with AGI of $118,000, file a
Question:
In 2018, Elizabeth and Daniel (both age 40), a married couple with AGI of $118,000, file a joint tax return. They each contributed $5,500 to their IRAs.
a. How much can they deduct if they are both active participants in qualified retirement plans?
b. How much can they deduct if Elizabeth is not an active participant in a qualified retirement plan, but Daniel is an active participant in his qualified retirement plan?
c. How would your answer change if they are both active participants in qualified retirement plans but their AGI is $200,000?
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a 825 deduction for each of them Due to the phaseout rules they cannot deduct 85 118000 10...View the full answer
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Related Book For 
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
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