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In 2022, Ruth and Lester were both under age 50. Ruth worked full-time as a county magistrate and was covered by a retirement plan at
In 2022, Ruth and Lester were both under age 50. Ruth worked full-time as a county magistrate and was covered by a retirement plan at work. Lester owns some rental property for which he does minor repairs but provides no extraordinary services. Lester had to serve on a jury during 2022. Ruth and Lester's income for 2022 was composed of the following: Ruth's salary $53,000 Lester's net rental income 8,000 Lester's jury duty pay 58 Joint taxable investment income 6,000 Ruth and Lester will file a joint return and timely contribute to their respective IRAs the maximum amount for which they can claim a deduction. What is the amount of Ruth and Lester's largest allowable IRA deduction for 2022
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