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For the following scenarios, compute the maximum total deductible contribution to the the traditional IRA contributions for 2016. Juan, age 41, earns a salary of
For the following scenarios, compute the maximum total deductible contribution to the the traditional IRA contributions for 2016. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His $ wife, Agnes, has no earned income. Juan wishes to contribute as much as possible to his own IRA. Abby, age 29, has earned income of $25,000, and her husband, Sam, has earned income of $2, 600. $ They are not active participants in any other qualified plan. Leo's employer makes a contribution of $3, 500 to Leo's simplified employee pension plan. Leo is $ single, has earned income of $32,000, and has AGI of $29,000
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