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

question 28

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 $100,000. 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?
?
$\begin{array}{cc}&\text { Mark}&\text { Cindy }\\\end{array}$
A) $\begin{array}{ll}\$ 1,000 & \$ 1,000 \\\end{array}$
B) $\begin{array}{ll} \$ 5,225 & \$ 5,225 \\\end{array}$
C) $\begin{array}{ll}\$ 3,200 & \$ 3,200 \\\end{array}$
D) $\begin{array}{ll}\$-0- & \$-0- \\\end{array}$
E) $\begin{array}{ll} \$ 5,500 & \$ 5,500\end{array}$

• A)\(\begin{array}{ll}\$ 1,000 & \$ 1,000 \\\end{array}\)
• B)\(\begin{array}{ll} \$ 5,225 & \$ 5,225 \\\end{array}\)
• C)\(\begin{array}{ll}\$ 3,200 & \$ 3,200 \\\end{array}\)
• D)\(\begin{array}{ll}\$-0- & \$-0- \\\end{array}\)
• E)\(\begin{array}{ll} \$ 5,500 & \$ 5,500
• \end{array}\)

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