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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.
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. a. Assuming Phils wages were $27,000 and Lindas wages were $18,500 for 2015 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2015?
Phil $
Linda $
b. Assuming Phils wages were $49,000 and Lindas wages were $70,000 for 2015 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2015?
Phil $
Linda $
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