Fred and Irma Are Married with Salaries of $49,000 and $44,000

question 145

Short Answer

Fred and Irma are married with salaries of $49,000 and $44,000, respectively. Their combined AGI is $111,000. Both are active participant in their companies' qualified pension plans. Determine their maximum combined IRA contribution and deduction amounts?
?
$\begin{array} { c c } \text { Maximum }&\text { Maximum } \\\text { Contribution }&\text { Deduction }\end{array}$
A) $\begin{array} { c c } \$ 5,500 &&&& \$ 2,750 \\\end{array}$
B) $\begin{array} { c c } \$ 11,000 &&&& \$ 2,750 \\\end{array}$
C) $\begin{array} { c c } \$ 11,000 &&&& \$ 5,500 \\\end{array}$
D) $\begin{array} { c c } \$ 11,000 &&&& \$ 7,500 \\\end{array}$
E) $\begin{array} { c c }\$ 11,000 &&&& \$ 11,000\end{array}$
Contribution Deduction

• A)\(\begin{array} { c c } \$ 5,500 &&&& \$ 2,750 \\\end{array}\)
• B)\(\begin{array} { c c } \$ 11,000 &&&& \$ 2,750 \\\end{array}\)
• C)\(\begin{array} { c c } \$ 11,000 &&&& \$ 5,500 \\\end{array}\)
• D)\(\begin{array} { c c } \$ 11,000 &&&& \$ 7,500 \\\end{array}\)
• E)\(\begin{array} { c c }\$ 11,000 &&&& \$ 11,000
• \end{array}\)
• Contribution Deduction

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