Arturo and Josephina Are Married with Salaries of $47,000 and $48,000,respectively.Their

question 148

Short Answer

Arturo and Josephina are married with salaries of $47,000 and $48,000,respectively.Their combined AGI is $100,000.Josephina is an active participant in her company's qualified pension plan while Arturo is not.Determine Arturo and Josephina's combined IRA contribution and deduction amounts?
$\begin{array}{lll} &\text { Maximum }&\text { Maximum }\\& \text { Contribution } & \text { Deduction } \\\text { a. } &\$ 5,500 & \$ 2,750 \\\text { b. }& \$ 11,000 & \$ 2,750 \\\text { c. } &\$ 11,000 & \$ 5,500 \\\text { d. }& \$ 11,000 & \$ 9,625 \\\text { e. }& \$ 11,000 & \$ 11,000\end{array}$

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Definitions:

Warranties

Legally binding promises or guarantees about the condition, quality, or performance of a product or service.

Document of Title

A legal document that serves as evidence of a person's right to the possession and control of goods, often used in the transfer of goods in commerce.

Excavation

The process of digging or removing earth, typically for the purpose of discovering archaeological sites or for construction activities.

Commingled

Commingled refers to the mixing of assets or funds belonging to different parties such that they cannot be distinguished from one another.