1. Cody (age 45) and Jane (age 42) are a married couple. Cody is covered under a qualified retirement plan at his job and earned $160,000 in 2020. Jane is employed as a counselor and earned $43,500 but is not covered under a qualified retirement plan. They file a joint return; have interest and dividend income of $25,000. In 2020, what is their maximum for AGI deduction for contributions to a traditional IRA? Explain.

2. Chang, a single 35-year-old engineer, is covered by a qualified retirement plan at work. His salary is $120,000, and his total AGI is $134,000. The maximum contribution he can make to a Roth IRA in 2020 is (Explain)