Mr and Mrs

question 20

Multiple Choice

Mr. and Mrs. Pointer each contributed $1,800 to their traditional IRAs. Each spouse actively participates in an employer-sponsored qualified retirement plan. Compute the deductible IRA contribution on their joint return if their AGI before such deduction is $108,970.

• A)$3,600
• B)$2,515
• C)$1,085
• D)$0

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Definitions:

Alexander Hamilton

A Founding Father of the United States, first Secretary of the Treasury, and key author of the Federalist Papers.

Financial Plans

Strategic approaches to managing finances that may include budgeting, investment, savings, and other financial goals.

Subsidies

Financial support provided by governments to individuals, businesses, or institutions to support economic activities considered beneficial.