Joyce, Age 40, and Sam, Age 42, Who Have Been

question 42

Multiple Choice

Joyce, age 40, and Sam, age 42, who have been married for seven years, are both active participants in qualified retirement plans. Their total AGI for 2018 is $130,000. Each is employed and earns a salary of $65,000. What are their combined deductible contributions to traditional IRAs?

• A) $0
• B) $3,000
• C) $4,000
• D) $8,000
• E) None of the above

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Definitions:

Chemotherapy

A type of cancer treatment using drugs to destroy cancer cells, often by inhibiting their growth and division.

Taste Buds

Sensory organs located on the tongue that allow us to perceive different tastes.

Perilymph

The fluid located within the labyrinth of the inner ear, playing a crucial role in hearing and balance.

Bony Ossicles

Small bones, often found in the middle ear, that aid in hearing.