Problem 5-4 Individual Retirement Accounts (LO 5.3) Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". Question Content Area a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Name Amount Phil fill in the blank 1 of 2$ 6,500 Naoko fill in the blank 2 of 2$ 6,500 Feedback Area Feedback Question Content Area b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Name Amount Phil fill in the blank 1 of 2$ 6,500 Naoko fill in the blank 2 of 2$ 0

 

Individual Retirement Accounts (LO 5.3) Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko 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 Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Phil 6,500 Naoko 6,500 Feedback Check My Work b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Phil 6,500 Naoko