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7. Calculating an IRA Contribution. Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $110,000,

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7. Calculating an IRA Contribution. Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $110,000, and they are filing a joint income tax return. What is the maximum IRA contribution each one can make? How much of that contribution is tax deductible

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