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Karen, 28 years old and a single taxpayer, has a salary of $30,000 and rental income of $33,000 for the 2016 calendar tax year. Karen

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Karen, 28 years old and a single taxpayer, has a salary of $30,000 and rental income of $33,000 for the 2016 calendar tax year. Karen is covered by a pension through her employer. What is the maximum amount that Karen may deduct for contributions to her IRA for 2016? $_____ If Karen is a calendar year taxpayer and files her tax return on August 15, what is the last date on which she can make her contribution to the IRA and deduct it for 2016? $_____ 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. Assuming Phil's wages were $27,000 and Linda's wages were $18, 500 for 2016 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2016? Phil $_____ Linda $_____ Assuming Phil's wages were $49,000 and Linda's wages were $70,000 for 2016 and they' had no other income, what is the maximum amount of their deductible contributions to an IRA for 2016? Phil $_____ Linda $_____ What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2016 (assuming they have sufficient earned income, but do not have an income limitation and are not covered by another pension plan)? _____

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