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Calculating an IRA Contribution. Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $50,000, and

Calculating an IRA Contribution. Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $50,000, and they are filing a joint income tax return. What is the maximum IRA contribution they can make? How much of that contribution is tax deductible?

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