Question
Arturo and Josephina are married with salaries of $47,000 and $48,000, respectively. Their combined AGI is $101,000. Josephina is an active participant in her company's
Arturo and Josephina are married with salaries of $47,000 and $48,000, respectively. Their combined AGI is $101,000. Josephina is an active participant in her company's qualified pension plan while Arturo is not. Determine Arturo and Josephinas combined IRA contribution and deduction amounts?
Maximum Maximum
Contribution Deduction
|
| a. | $5,500 $2,750 |
|
| b. | $11,000 $2,750 |
|
| c. | $11,000 $5,500 |
|
| d. | $11,000 $10,175 |
|
| e. | $11,000 $11,000 |
According to the test bank 2016 the answer is (d). Please explain why thanks
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Bank Strategy, Governance And Ratings
Authors: P. Molyneux
3rd Edition
0230313345, 9780230313347
