Tyler (Age 50)and Connie (Age 48)are a Married Couple

question 128

Multiple Choice

Tyler (age 50) and Connie (age 48) are a married couple.Tyler is covered under a qualified retirement plan at his job and earned $175,000 in 2014.Connie is employed as a lab technician and earned $30,000 but is not covered under a qualified retirement plan.They file a joint return; have interest and dividend income of $30,000.What is their maximum for AGI deduction for contributions to a traditional IRA?

• A)$0
• B)$5,500
• C)$6,500
• D)$12,000

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Definitions:

Salutary Neglect

A British policy in the early 18th century allowing the American colonies considerable freedom in economic matters, so long as this freedom did not conflict with British economic interests.

Sugar Act 1764

A British law that imposed a tax on sugar and molasses imported into the American colonies, contributing to growing tensions that led to the American Revolution.

Loyal Nine

A secret political organization formed in 1765 in Boston, aiming to fight against the imposition of British taxation and laws.

Quartering Act

A name given to a series of acts passed by the British Parliament in the 18th century, requiring local governments of the American colonies to provide housing and food for British soldiers.