Question
Carlos and Angela are married, file a joint return, and are both 42 years old. During the current year, Carloss salary is $70,000. Neither Carlos
Carlos and Angela are married, file a joint return, and are both 42 years old. During the current year, Carloss salary is $70,000. Neither Carlos nor Angela is covered by an employer-sponsored pension plan. Determine the maximum IRA contribution and deduction amounts in each of the following cases: a. Angela earns $28,000, and their adjusted gross income is $106,000. Carlos and Angela may contribute and deduct a total of $ 11000 for adjusted gross income. Hide Feedback Correct Check My Work Feedback Conventional IRAs have different rules regarding allowed contributions and deductions, depending on the taxpayer's specific situation. b. Angela does not work outside the home, and their adjusted gross income is $75,000. Carlos and Angela are allowed to contribute and deduct a maximum of $ for adjusted gross income. Hide Feedback Incorrect c. Assume the same facts as part a, except that Carlos is 52, Angela is 48, and both are covered by an employer-sponsored pension plan. Hint: The IRA deduction is phased out between $98,000 and $118,000 of AGI. Angela is allowed to contribute $ to her IRA. Carlos is allowed to contribute $ to an IRA account. Their total deduction for AGI is $ . Hide Feedback Incorrect d. Assume the same facts as part a, except that Carlos is covered by an employer-sponsored pension plan. Their maximum contribution is $ and their maximum deduction is $
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