Carl,age 59,and Cindy,age 49,are Married and File a Joint Return

question 147

Short Answer

Carl,age 59,and Cindy,age 49,are married and file a joint return.During the current year,Carl had a salary of $41,000 and Cindy had a salary of $35,000.Both Carl and Cindy are covered by an employer-sponsored pension plan.Their adjusted gross income for the year is $88,000.Determine the maximum IRA contribution and deduction amounts.
$\begin{array}{cl}\begin{array}{c}\text { Maximum } \\\underline {\text { Contribution }}\end{array} & \begin{array}{c}\text { Maximum } \\\underline {\text { Deduction }}\end{array} \\\text { a. } \$ 12,000 & \$ 12,000 \\\text { b. } \$ 11,000 & \$ 11,000 \\\text { c. } \$ 12,000 & \$ 11,000 \\\text { d. } \$ 11,000 & \$ 9,000 \\\text { e. } \$ 13,000 & \$ 13,000\end{array}$

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Distributors

Entities engaged in the business of distributing goods, typically bought from manufacturers, directly to retailers or customers.

Supply Chain

The entire process of making and selling commercial goods, including raw materials sourcing, manufacturing, distribution, and sales.

Small Players

Companies or entities that have a minor share in a market or industry, typically characterized by smaller teams, budgets, or influence.

Response Time

The duration between when a request is made and when the response is received.