Question
Joyce and Barry Bright are both employed and 56 years of age. In 2017 Barry earned wages of $2500; Joyce earned wages of $86530. Joyce
Joyce and Barry Bright are both employed and 56 years of age. In 2017 Barry earned wages of $2500; Joyce earned wages of $86530. Joyce is an active participant in her employer-maintained pension plane. The Brights plan to file a joint tax return. Their modified AGI is $10,9782. A) What is the latest date by which an IRA contribution must be made in order for it to be claimed on the Bright's 2017 return? B) Can the tax payments be claimed on Form 1040EZ? On FormA? C) What is the maximum amount Joyce and Barry can each contribute to an IRA and be able to deduct for 2017? C) are the earning from the IRA subject to federal income taxes in 2017? Explain.
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