Participant in any qualified retirement plan

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Reference no: EM131616233

For the year 2017, Adam and Elsie Rodriguez reported the following items of income:

Adam Elsie

Salary………………………………………………….. $60,000 $ 200

Interest Income………………………………………... 1,000 ---

Cash prize won on T.V game show…………………… --- 8,000

Total.........................................................................$61,000 $9,000

Adam is not a participant in any qualified retirement plan and Elsie established individual retirement accounts during the year. Assuming a joint return was filed for 2016 and that they are both age 52, wat is the maximum amount that they can be allowed for contributions to their individual accounts for 2016?

Reference no: EM131616233

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