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Find what would couple ira deduction be for the tax year

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Problem 1: Steve (age 55) and May (age 48) are married and will file a joint return. Steve is an elementary school teacher, and May is unemployed. During the year, Steve contributed $7,000 to his traditional IRA and May contributed $6,000 to her traditional IRA. Steve had wages of $10,500 for the year. Steve also received $8,500 in unemployment compensation during the year. They received $1,580 in interest income and $3,560 in dividend income. What would the couple's IRA deduction be for the tax year?

Select one:

a. $13,000
b. $12,000
c. $10,500
d. $ 7,000

Reference no: EM132675487

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