Problem 5-4 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".

a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2019 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2019?

Phil	$
Linda	$

b. Assuming Phil's wages were $55,000 and Linda's wages were $70,000 for 2019 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2019?

Phil	$
Linda	$