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Mr. and Mrs. Davos file a joint tax return. Each spouse contributed $3,000 to a traditional IRA. Required: In each of the following cases, compute
Mr. and Mrs. Davos file a joint tax return. Each spouse contributed $3,000 to a traditional IRA. Required: In each of the following cases, compute the deduction for these contributions. The AGI in each case is before any deduction. a. Neither spouse is an active participant in a qualified retirement plan, and their AGI is $125,000. b. Mr. Davos is an active participant, but Mrs. Davos is not. Their AGI is $125,000. c. Both spouses are active participants, and their AGI is $89,780. d. Mr. Davos is self-employed and doesn't have a Keogh plan. Mrs. Davos is an active participant. Their AGI is $109,600. (Do not round intermediate calculations.)
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