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Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer-qualified retirement plans. Their
Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer-qualified retirement plans. Their total AGI in 2021 is $201,000, and they earn salaries of $89,000 and $95,000, respectively. Click here to access Exhibit 11.2. Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations. a. The amount each can contribute to a regular IRA. b. C. The amount each can deduct for regular IRA contributions. The amount each can contribute to a Roth IRA. d. The amount each can deduct for Roth IRA contributions. Amount 6,000 0 33,600 x 0 Feedhalk Check My Work Employees not covered by another qualified plan can establish their own tax deductible Individual Retirement Accounts (IRAs). Introduced by Congress to encourage individual savings, a Roth IRA is a nondeductible alternative to the traditional deductible IRA. Earnings inside a Roth IRA are not taxable, and all qualified distributions from a Roth IRA are tax-free.
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