Mark and Cindy Are Married with Salaries of $45,000 and $42,000,respectively.Adjusted

question 112

Short Answer

Mark and Cindy are married with salaries of $45,000 and $42,000,respectively.Adjusted gross income on their jointly filed tax return is $96,000.Both individuals are active participants in employer provided qualified pension plans.What is the maximum amount each person may deduct for AGI with regard to IRA contributions?
Mark $\quad\quad$ Cindy
a. $\$ 1,000 \quad \$ 1,000$
b. $\$ 5,225 \quad \$ 5,225$
c. $\$ 3,200 \quad \$ 3,200$
d. $\$ - 0 - \quad \$ - 0 -$
e. $\$ 5,500 \quad \$ 5,500$

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