In 2020,

Mr. and Mrs. Fernandez, husband and wife, were paid salaries of $66,000 and $50,000, respectively. They had no deductions for adjusted gross income other than their IRAs. If they file married filing jointly, what is the maximum individual retirement account (IRA) deduction for both spouses combined if they are both active participants in an employer's qualified retirement plan? They are both less than 50 years old. (Hint: the phase out range for married filing jointly is an AGI (before the IRA deduction) of between $104,000 and $124,000).