What is the maximum amount of deductible contributions

Assignment Help Accounting Basics

Reference no: EM131957767

Problem

Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.

If an amount is zero, enter "0".

a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2016 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2016?

b. Assuming Phil's wages were $49,000 and Linda's wages were $70,000 for 2016 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2016?

Reference no: EM131957767

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