2019 TAXES

2. Walter and Wanda are both 56 years old. Both are covered by a retirement plan at work. Walters salary was $60,000. Wandas salary was $60,000. What is the maximum deductible amount they may contribute to IRAs (for Wanda and Walter) if they file a joint return?

A. $4,800

B. $2,100

C. $0

D. $7,000

3. Bill and Beth are both 56 years old and file a joint return. Bill is covered by a retirement plan at work, but Beth is not covered by a plan at work. Bills salary was $60,000. Beths salary was $60,000. What is the maximum deductible amount that Beth may contribute to her IRA assuming they file a joint return?

A. $4,800

B. $7,000

C. $2,100

D. $0

5. Joan (age 60), who has gross income of $300,000 and adjusted gross income of $250,000. She is NOT covered by an employer retirement plan. What is her maximum deductible contribution to an individual retirement plan?

A. $6,000

B. $0

C. $3,300

D. $7,000