Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a

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Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.
a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2012 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2012?
Phil $___________
Linda $_________
b. Assuming Phil's wages were $49,000 and Linda's wages were $64,000 for 2012 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2012?
Phil $__________
Linda $_________
Phil and Linda are 25-year-old newlyweds and file a joint
Phil and Linda are 25-year-old newlyweds and file a joint
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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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