Ross and Reba Are Both in Their 30's and They

question 1

Multiple Choice

Ross and Reba are both in their 30's and they are married. Reba earns $64,000 annually, and Ross earns $1,800 annually working part time. Their adjusted gross income is $81,500. Reba participates in an employer-sponsored retirement plan. Ross and Reba contribute the maximum amount allowable annually to their IRAs. What is their allowable deduction for this year's contributions?

• A)$- 0 -
• B)$1,800
• C)$5,000
• D)$6,800
• E)$11,000

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