Maximum deductible contribution

Reference no: EM13316760

What is the maximum deductible contribution that can be made to one or more deductible IRAs in each of the following instances?

a. A single person, age 41, who is not an active participant in an employer-sponsored retirement plan with AGI of $97,000.

b. A married couple, ages 33 and 34, neither of whom is an active participant in an employer-sponsored retirement plan. One spouse has W-2 income of $57,000 and the other spouse does not work.

c. A married couple, ages 44 and 48. One spouse is covered under an employer-sponsored retirement plan and the other is not. The covered spouse has W-2 income of $115,000 and the non-covered spouse has W-2 income of $32,000.

Reference no: EM13316760

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