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What is the maximum amount of their deductible contributions

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Reference no: EM132704234

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.

Required -

a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2018?

b. Assuming Phil's wages were $53,000 and Linda's wages were $70,000 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2018?

Reference no: EM132704234

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