Individual Retirement Accounts (LO 5.3)

Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.

If an amount is zero, enter "0".

Question Content Area

a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2022 and they had no other income, what is the maximum amount of Phil and Linda's deductions for contributions to a traditional IRA for 2022?

Name	Amount
Phil	$
Linda	$

Question Content Area

b. Assuming Phil's wages were $60,000 and Linda's wages were $71,000 for 2022 and they had no other income, what is the maximum amount of Phil and Linda's deductions for contributions to a traditional IRA for 2022?

Name	Amount
Phil	$
Linda	$