Gene and dixie husband and wife ages 45 and 42 both work

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Gene and Dixie, husband and wife (ages 45 and 42), both work. They have an adjusted gross income of $50,000 in 2012, and they are filing a joint income tax return. Both have an employer-provided retirement plan at work. What is the maximum IRA contribution they can make? How much of that contribution is tax deductible?

Reference no: EM13622944

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