What Is the Maximum Deductible Contribution That Can Be Made

question 71

Essay

What is the maximum deductible contribution that can be made to one or more deductible IRAs in each of the following instances?
a.A single person,age 41,who is not an active participant in an employer-sponsored retirement plan with AGI of $97,000.
b.A married couple,ages 33 and 34,neither of whom is an active participant in an employer-sponsored retirement plan.One spouse has W-2 income of $57,000 and the other spouse did not work.
c.A married couple,ages 44 and 48.One spouse is covered under an employer-sponsored retirement plan and the other is not.The covered spouse has W-2 income of $125,000 and the non-covered spouse has W-2 income of $32,000.

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Definitions:

Trustworthiness

The quality of being reliable, honest, and deserving of trust.

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The act of fully hearing, understanding, and responding to messages communicated by others.

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The act of fully engaging, comprehending, replying, and retaining what is communicated during a conversation.