Question
A. Jack (age 55) and Jill (age 54) are married and file a joint federal income for 2021. Jill earned a salary of $160,000 and
A. Jack (age 55) and Jill (age 54) are married and file a joint federal income for 2021. Jill earned a salary of $160,000 and was covered by her employer's pension plan. Jack was not employed and the couple had no other income. On July 5th, Jack contributed $5,000 to an IRA for himself and $4,000 to an IRA for Jill. The allowable IRA deduction on Jack and Jill's year 2021 joint tax return is:
- A. $9,000
- B. $12,000
- C. $4,000
- D. $5,000
B. Jim, age 27, earned $81,000 in wages. Syd, age 31, earned $67,000 from her sole proprietorship. In 2021, they file a married filing jointly income tax return. Sdy has $14,000 of unemployement compensation. Jim won $4,000 as a contestant on Wheel of Fortune. They reported oridinary dividends of $7,000. What is Jim and Sdy's adjusted gross income for 2021?
- A. $173,000
- B. $159,000
- C. $162,800
- D. $169,200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started