For the current year, Jim and Margaret Mason, both over age 50, are married and filed a joint return. Both worked, but neither spouse was covered by an employer-sponsored pension plan. The Masons' adjusted gross income was $126,000, including Jim's salary of $115,000. Margaret earned $1,200 in wages and $400 in interest from her savings account. What is the amount of the maximum allowable IRA contribution and deduction on their current-year return? A $7,700 B $7,500 C $6,500 D $15,000