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Shayla is 46 years old, married filing a joint tax return and earns $200,000 as a CPA. Shayla's spouse is 52 years old and goes
Shayla is 46 years old, married filing a joint tax return and earns $200,000 as a CPA. Shayla's spouse is 52 years old and goes to school full time, therefore Shayla's salary is their only source of income. Shayla participates in her CPA's firm traditional 401k plan and contributes the maximum amount in 2020. Shayla would also like to make contributions to traditional Individual Retirement Accounts (IRAs) for herself and her spouse. Calculate the maximum 401k contribution and maximum IRA deduction for Shayla and her spouse in 2020. 7 s
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