Problem 5-4 Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Unda is covered by a retirement plan at work, but Phill 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 2022 and they had no other income, what is the maximum amount of Phil and Uinda's deductions for contributions to a traditional IRA for 2022 ? Phill4Lindasxx rowaty wis There are two principal types of IRAs in the U.S. tax law. One is the traditional IRA and the other is the Roth IRA. Annual contritutions to a traditional IRA are deductible, and retirement distributions are taxable. The annual deduction maximums are reduced for traditional iRAs if the taxpayer is an active partiopant in another qualified retirement plan. b. Assuming Phil's wages were $60,000 and Linda's wages were $71,000 for 2022 and they had no other income, what is the maximum amount of Phit and Linda's deductions for contributions to a traditional IRA for 2022