Tucker (Age 52)and Elizabeth (Age 48)are a Married Couple

question 94

Multiple Choice

Tucker (age 52) and Elizabeth (age 48) are a married couple.Tucker is covered under a qualified retirement plan at his job and earned $90,000 in 2017.Elizabeth 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 $25,000.What is the maximum amount of tax deductible contributions that may be made to a traditional IRA?

• A)$0
• B)$11,000
• C)$5,500
• D)$12,000

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Definitions:

Authorization Device

A device or a software mechanism that is used to grant permission to access or do something within a system or network.

Credit Card Payment

A transaction method using a credit card to transfer money from the cardholder's account to a merchant's account in exchange for goods or services.

Medical Practice

Pertains to the work and research performed by professionals in the field of medicine to diagnose, treat, and prevent illness or injury.

Open-Book Accounts

Financial accounts or transactions where information is made openly available for examination and review, promoting transparency.