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What is the amount of the maximum allowable ira contribution

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Reference no: EM132700439

Problem 1: Husband & Wife, both age 40, are married and filed a joint return for 2020. Both worked, but neither spouse was covered by an employer-sponsored pension plan. The married couples' adjusted gross income was $109,600, including Husband's salary of $108,000. Wife earned $1,200 in wages and $400 in interest from her savings account. What is the amount of the maximum allowable IRA contribution for 2020?

A 12,000
B 7000
C 14,000
D. 6,000

Reference no: EM132700439

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